Index trend and stocks in action December 01, 2016

Indian benchmark indices opened on a positive note and thereafter built on the momentum, through the entire session. Nifty ended the session with a sharp up-move and closed the day higher by around 1 per cent. On Tuesday after forming a ‘Shooting Star’ candlestick pattern, on Wednesday Nifty invalidated the reversal candle which was formed on Tuesday. Nifty managed to close above its 200 Day Simple Moving average. Now going forward the zone of 8280-8300 may act as a resistance zone. On the downside, the zone of 8150-8160 may act as a support zone. The Daily RSI after facing resistance around 40 levels has turned up and at present is quoting around levels of 46. Now going forward, RSI may touch levels of 50-55.

Wipro: Software major Wipro plans to sell its Eco Energy unit for a consideration of $70 million. The funds will be used to sharpen its focus on the IT industry. The Eco Energy has annual revenues of Rs. 67 crore.

IOC: Petrol price hiked by 13 paise per litre while diesel rate was cut by 12 paise per litre.

HDFC Bank: The second largest lender, HDFC Bank partnered with Federation of Retail Traders Welfare Association (FRTWA) to offer cash withdrawal facility at over 50 large and prominent retail stores across major cities.

RBL Bank: Private sector RBL Bank said it has launched ‘Aadhaar Payment Bridge System’ (APBS) for small ticket micro-finance loan disbursements.