Index trend and stocks in action December 09, 2016

After displaying weakness in Wednesday's trading session, Nifty witnessed a scintillating rally of 144 points on Thursday. The rally may have been primarily fuelled by short covering after a gap up opening following positive leads from the global markets and hopes of extension of ECB stimulus without any tapering. Nifty in the previous sessions faced stiff resistance around the opening downside gap which was formed as on December 2, 2016. However, on Thursday, Nifty's sharp up-move has diminished the gap resistance; and Nifty closed near the highest point of the day.  On the daily chart the formation of candlestick resembles ‘Bullish Marubozu’ pattern. This pattern indicates that buyers controlled the price from the opening bell to the close of the day. Now going forward, immediate resistance for the Nifty is placed around zone of 8285-8290. If Nifty manages to sustain above this zone, it’s likely to test levels of 8330. On the downside, the zone of 8180-8200 is likely to act as a major support zone.

MMTC: State-run trading firm, MMTC’s net profit plunged to Rs 10.45 crore for the second quarter ended September as against Rs 44.6 crore in the year-ago period.

Sheela Foam: Shares of Sleepwell mattresses maker, Sheela Foam, which recently concluded its Rs 510 crore IPO, is set to make its debut on exchanges today.

SAIL: SAIL reported a net loss of Rs 730.72 crore in Q2FY17 against net loss of Rs 1108.55 crore in Q2FY16.

Capital First: Non-banking financial company Capital First today said its board has approved plan to raise Rs 340 crore through preferential issue.

Time Technoplast: To consider means for fund raising during December 13 meeting, Company has shareholders' approval to raise funds up to Rs 200 crore.

Ujjivan Financial Services: Ujjivan Financial Services to seek shareholders' approval to increase borrowing limit to Rs 7,000 crore from Rs 6,000 crore and to create charges on assets not exceeding Rs 7,500 crore.