Index trend and stocks in action November 22, 2016

After pausing of the downside momentum in the last few trading sessions, Nifty cracked sharply below its important psychological mark of 8000 and closed at 7929, lower than the lows it had touched on the day of BREXIT. Nifty showing sharp weakness on Monday seems to have confirmed, the occurrence of multiple narrow bodies in the previous trading sessions as a minor halt in momentum and that pattern has turned out to be a down trend continuation pattern. At present, Nifty has moved below its recent swing low which was registered as on November 9, 2016 at 8002. Now Nifty is hovering around its 50 per cent retracement level of entire upmove from the lower levels of 6825 to higher levels of 8968, which stands at 7900 mark. A decisive breach of this support level may open gates for levels of 7840. On the upside, the level of 8000-8010 will act as a resistance point for the Nifty.

Dena Bank: Public sector lender, Dena Bank has slashed interest rates on deposits by up to 0.5 per cent on select maturities from Monday.

IL&FS Transportation: IL&FS Transportation Networks, part of the IL&FS group, has raised $50 million through a maiden masala bonds' sale to Export Development Canada (EDC).

Axis Bank: Axis Bank said it proposes to raise up to Rs 1,800 crore from debentures, for the purpose of funding business expansion.

Sobha Ltd: Realty firm Sobha Ltd.’s consolidated net profit remained flat at Rs 38.4 crore for the September quarter of the current fiscal year. Total income of the company has increased to Rs 552.2 crore as against Rs 509.6 crore in the corresponding period of the previous fiscal.