Index trend and stocks in action December 13, 2016

After displaying strong consolidation on Friday, Nifty started off the fresh week on a dismal note and ended the session near the lowest point of the day. If we analyse the candlestick of the last three sessions we sight a formation of ‘Evening Start’ Candlestick pattern, and this candlestick pattern acts as a reversal pattern formed after an uptrend. Now going forward the zone of 8120-8125 is likely to act as a strong support zone for the Nifty. If we plot a trendline on the daily chart of the Nifty from the swing low levels of 7916.40 we get support around levels of 8120-8125 zone. If Nifty sustains below this support zone, it’s likely to head for a correction upto levels of 8080. On the upside, the level of 8230-8260 is likely to act as a stiff resistance zone.

Axis Bank: Private sector, Axis Bank said it has proposed to raise Rs 3,500 crore by issuing bonds to fund business growth.

Glenmark Pharma: Glenmark Pharmaceuticals Inc., USA, announced launch of generic version of Zetia in the US market.

Sunteck Realty: The company has informed bourses that the board of directors on December 12, 2016, has approved the transfer of its step-down subsidiary-Denise Realties Private Limited to Thaler Developers Private Limited.