Index trend and stocks in action December 16, 2016

On Thursday, Nifty index opened with a downside gap of around 52-54 points and showed a sharp recovery on the upside soon after the opening. In the first half, Nifty crossed its important psychological level of 8200. However, profit booking was witnessed at higher levels and market ended the session with losses of 28 points. On the daily chart of Nifty there is formation of ‘Inverted Hammer’, and this candlestick pattern is found after a downtrend and usually acts as a trend reversal signal. However, this pattern seems to be of less significance as it has formed in the sideways range movement. Now going forward the zone of 8230-8280 is a stiff resistance zone for the Nifty. On the downside, immediate support is placed around 8120-8130.

Dilip Buildcon: The company said that it has bagged a road project in Andhra Pradesh worth Rs 260 crore.

IL&FS Transportation: The company has informed the exchange that it has decided to acquire all the equity investments held by Elsamex SA & its group companies in their Indian subsidiaries.

Axis Bank: Axis Bank has suspended 24 employees this month and 50 of its accounts are under the scanner due to suspicious transaction during exchange of high denominated notes.

Karnataka Bank: The bank’s rights issue of one share for every two shares at Rs 70 a piece has ended with a subscription of over 185 per cent.

Phoenix Mills: The Phoenix Mills said its shareholding in Alliance Spaces Private limited has risen to 36.76 per cent following a 3.57 per cent stake purchase from K2A Hospitality limited.

Jammu & Kashmir Bank: The state-owned bank has posted a net loss of Rs 602.40 crore for the second quarter ended September 30. The bank had posted a net profit of Rs 195.62 crore in the corresponding quarter of the previous fiscal.