Index trend and stocks in action December 05, 2016
Chirag Gothi / 05 Dec 2016
On the daily chart of Nifty formation of ‘Dark Cloud Cover’ was witnessed in Thursday’s trading session and it is followed by a gap down opening and a bearish candlestick pattern. Hence, it’s a clear indication the bears have an upper hand. Now going forward immediate support for Nifty is placed around levels of 8030-8040.
Indian benchmark indices opened the session with a downside gap, tracking negative sentiments from the Asian markets. Soon after opening indices slipped further and closed near day’s low. On the daily chart of Nifty formation of ‘Dark Cloud Cover’ was witnessed in Thursday’s trading session and it is followed by a gap down opening and a bearish candlestick pattern. Hence, it’s a clear indication the bears have an upper hand. Now going forward immediate support for Nifty is placed around levels of 8030-8040. A decisive move below these levels may open up for correction up to levels of 7970. On the upside, the zone of 8150-8170 may act as a stiff resistance in the short term for the Nifty.
Info Edge: Info Edge which owns leading job listings website Naukri.com, said it has invested an additional Rs 10 million in VCare Technologies, taking its total stake in the company to 14.77 per cent.
NMDC: State-run iron ore miner NMDC said the government has given in-principle approval to consider strategic disinvestment in Nagarnar Steel plant.
Richo India: BSE to suspend trading of Richo India shares from December 13.
IL&FS Engineering: IL&FS Engineering bags orders worth Rs 677.8 crore in West Bengal. FY17 order inflow stands at Rs 2,882 crore.
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