Index trend and stocks in action November 30, 2016

Indian benchmark indices got off to a positive start despite mixed cues prevailing in the Asian markets. Indices continued to move higher in the first half of trading session. However, profit booking was seen in the last one hour of the session and in the end indices ended with marginal gains. On the daily chart Nifty has formed a potential ‘Shooting Star’ candlestick pattern, which is a reversal pattern that may appear in an uptrend and warns of a possible reversal. Nifty during intraday move traded above its 200- Day Simple Moving Average, but it failed to sustain and closed above its 200- DSMA. Now going forward, the zone of 8150-8160 may continue to act as a stiff resistance zone for Nifty. A close above 8150-8160 may open up for up-move up to levels of 8200-8220. On the downside, below levels of 8120, Nifty may attempt to touch levels of 8080.

Central Bank of India: Central Bank of India will raise over Rs 156 crore by issuing shares on a preferential basis to state-owned insurer LIC.

Tata Power: Tata Power has reported a consolidated profit of Rs 336.2 crore for the July-September quarter, compared to a loss of Rs 95.9 crore, the company reported in the year-ago quarter.

PTC India Financial Services: Board approves preferential allotment of 8 crore equity shares of Rs 10 each at a price of Rs 38.50 share to the promoter group.

SAIL: Cabinet Committee on Economic Affairs gives ‘in-principle’ approval for strategic divestment of the company’s Bhadrawati, Salem and Durgapur (Alloy steels Plant) units. Strategic buyer to be identified via two stage auction processes.

Lupin: Lupin receives FDA approval for generic Nuvigil tablets used to improve wakefulness in adult patients.

Sarda Energy and Minerals: Restores operations of iron ore mine that was suspended since March 7 due to naxal attack.