Index trend and stocks in action December 12, 2016

Indian benchmark indices opened flat with a positive bias on Friday. However, it was a listless day and market moved in a narrow range. On the daily time frame Nifty had managed to close above its 200 Day Simple Moving Average, indicating strength in the trend. On the weekly time frame Nifty index had formed a Long Bull Candle. At present, Nifty index is hovering around 50 per cent retracement level for the entire down move from levels of 8598.45 to 7916.40. Now going forward stiff resistance is placed around the zone of 8333-8340, which also stands as 61.8 per cent retracement level. A sustained move above this zone may open up for levels of 8400. On the downside, important support is placed around 8150-8175.

Parsvnath Developers: Realty firm, Parsvnath Developers has raised about Rs 200 crore through debentures for giving exit to global investment firm JP Morgan and its affiliates from its housing project in the national capital.

Jaiprakash Associates: Infrastructure firm Jaiprakash Associates has reported widening of net loss on standalone basis to Rs 781.2 crore for the quarter ended September 30, 2016. The company had posted a net loss of Rs 547.22 crore in the same period a year ago.

Bata India: State-owned Life Insurance Corporation (LIC) has hiked its stake in footwear major, Bata India by 2.03 per cent, taking its total shareholding to 7.05 per cent in the company.

Usha Martin: Speciality steel maker, Usha Martin has reported narrowing of consolidated net loss at Rs 68.13 crore for the quarter ended September 30, 2016. It had posted a net loss of Rs 102.52 crore in the year ago period.

ONGC: State-run ONGC will set up a new ‘basin’ in Agartala by the end of the next year as it is looking at focusing more on exploration of oil and gas in the North-East region.