Index trend and stocks in action December 07, 2016

The Indian benchmark indices opened with a positive bias. Thereafter, the key indices capitalised on the momentum and touched intraday highs in the late morning session; but the indices failed to hold onto the highs and receded to intraday lows in the final hour of trade. On the daily chart Nifty has formed a small body negative candle with long upper shadow, which suggests the bulls are facing selling pressure at the higher levels. Nifty made an attempt to fill the opening downside gap which was formed on December 2, 2016. However, it faced resistance in the gap area and gap area remains partially filled. Now going forward the zone of 8185-8210 may act as a stiff resistance on the upside. On the downside, immediate support for the Nifty stands at 8080 levels and breach of this zone may open up for correction up to levels of 8000. Investors and traders will take cues from the RBI policy, which is due today and the outcome of the policy is likely to dictate the moves of the markets.

State Bank of India: State Bank of India has signed an MoU with VST Tillers Tractors for financing of farm mechanisation products.

LT Foods: Kishore Biyani-led Future Consumer has entered into a pact with LT Foods and Genoa Rice Mills for sourcing, marketing and distribution of rice.

NBCC: State-owned construction firm NBCC said it has secured business worth Rs 24,694 crore during last month.

VST Tillers Tractors: VST Tillers Tractors sold 1,495 units of power tillers and 684 units of tractors in November.

ICICI Bank: ICICI Bank to consider raising funds via various debt instruments on December 9.

Bharti Airtel: Raghunath Mandava, the current chief operating officer of Airtel Africa, will take over as managing director and chief executive officer from January 1, 2017.