Index trend and stocks in action December 19, 2016
Chirag Gothi / 19 Dec 2016
The zone of 8110-8120 is a crucial support level, and if Nifty sustains below this level, it’s likely to test levels of 8040. On the upside, the zone of 8222-8245 is a resistance zone.
On Friday, Nifty index opened on a flat note as the cues from the global markets were tepid. Soon after opening flat, the market showed weakness, and thereafter it shifted into sideways range for the entire session, without showing any clear trend. At present, Nifty is hovering around its important support area as defined by the rising trend line, which has been formed by joining lows from the recent swing low level of 7916. The zone of 8110-8120 is a crucial support level, and if Nifty sustains below this level, it’s likely to test levels of 8040. On the upside, the zone of 8222-8245 is a resistance zone. Firstly, the 200-Day Simple Moving Average is placed around levels of 8222; and secondly, the zone of 8230-8242 is a gap area which was formed as on December 12, 2016. Hence, bulls will face a tough fight around these zones. However, if this zone is cleared, expect a fresh wave to begin on the upside and it will move up to levels of 8330.
Laurus Labs: Drug maker, Laurus Labs, which raised about 1,332 crore, through its initial public offer, is all set to make a debut on the stock exchanges today.
Ceat: Tyre maker, Ceat said it would invest Rs 2,800 crore, over a period of five years to expand its capacity.
Yes Bank: Yes Bank has partnered with Ola to provide Cash-on-Demand at customers' doorstep.
JK Lakshmi Cement: The company has received shareholders’ approval to raise up to Rs 500 crore by issuing non-convertible debentures on a private placement basis.
Gaytri Project: The company informed exchanges that a meeting of the board of directors of the company is scheduled to be held on December 26 to consider and approve the sub-division of the nominal value of the equity shares of Rs 10 per share to Rs 2 per share.
Aban Offshore: The company has decided to invest 49 per cent in the equity shares of Aban Drilling Services Private Limited.
IOC, BPCL and HPCL: State oil companies have raised prices of petrol by Rs 2.21 a litre and diesel by Rs 1.79 a litre after international oil prices rose about 20 per cent in two weeks.
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