Index trend and stocks in action November 29, 2016

Indian benchmark indices started the session in negative terrain as traders and investors reacted negatively to Reserve Bank of India’s (RBI) surprise move during the weekend, ordering banks to transfer 100 per cent of their cash under the central bank’s cash reserve ratio from deposits generated between September 16 to November 11. However, market took a U-turn and indices went on to register a new high and thereafter it traded in a choppy range. Now going forward the zone of 8150-8160 is likely to act as a stiff resistance for the Nifty. The 200-day simple moving average and 38.2 per cent retracement coincides around this zone. If Nifty manages to sustain above this zone, it's likely to test levels of 8220. On the downside, the zone of 8080-8090 is likely to act as an immediate support zone for Nifty. A decisive move below this zone may open up for correction up to levels of 8030. The daily 14-period RSI at present is quoting around 39-40 levels, and a move above levels of 40 is important for the bulls.

Banco Products: Banco Products board to consider buyback proposal on December 8.

State Trading Corporation of India: Rajiv Chopra, director (Marketing) has been appointed as chairman and managing director until February 17, 2017 or before a regular appointment is made.

Edelweiss Financial Services: Wholly-owned subsidiary Edelweiss Asset Management Company completes the acquisition of the onshore fund schemes managed by JPMorgan Asset Management India Pvt. Ltd., including its India based onshore mutual fund business and the international fund of funds.

Sun Pharma: Drug major Sun Pharma launched BromSite solution, marked for treatment of postoperative inflammation and prevention of occular pain in patients undergoing cataract surgery, in the US market.