Index trend and stocks in action December 15, 2016

On Wednesday, the Nifty index opened on a slight positive note and slipped into negative territory soon after opening. In afternoon session, the selling pressure intensified and Nifty registered low of around 8165. However, bulls managed to recoup the losses and ended the session with a cut of about half a per cent. At present, Nifty is hovering around the upward rising trend line formed after joining lows from the swing low levels of 7916.40. If Nifty sustains below the zone of 8120-8150, it’s likely to witness correction up to levels of 8080-8000. However, on the upside, the opening downside gap (8241-8230), which was formed as on December 12, 2016 is likely to act as a stiff resistance.  

Wipro: The company has allotted 2,353 equity shares under ADS RSU Plan 2004 to employees on December 13, 2016 pursuant to exercise of ESOPs.

Cipla: The pharma company is planning to consider the proposal to raise funds through issue of equity shares or American depository receipts or global depository receipts or foreign currency convertible bonds, etc., on December 19.

Inofsys: The IT major informed bourses that it has made an investment from its Innovation Fund in ideaForge, an Indian start-up focused on Unmanned Aerial Vehicle (UAV) solutions.

Sujana Towers: Net loss of the company widened to Rs 103.93 crore for the quarter ended September 30, 2016 against a net loss of Rs 15.24 crore in the corresponding quarter last year.

Jammu & Kashmir Bank: The Bank will announce its financial results for the quarter ended September 30, 2016 today.