Index trend and stocks in action December 20, 2016

On Monday, Nifty started on a flattish note with a negative bias. However, market moved in a narrow range for most part of the trading session. But, in the last hour of trade some selling was witnessed and Nifty ended lower by 0.43 per cent. Nifty today breached its important support levels of 8110-8120. Now going forward, the level of 8050 is a key support level as defined by the 61.8 per cent retracement level from the lower levels of 7916.40 to high of 8274.95. If Nifty sustains below level of 8050, it’s likely to test levels of 7980 on the downside. On the upside, the zone of 8140-8150 is likely to act as an immediate resistance. If Nifty sustains above the level of 8140-8150, its likely to test levels of 8180-8220.

Phoenix Mills: The company has entered into a share purchase agreement for acquisition of the entire 15.18 per cent stake in its subsidiary, Offbeat Developers held by Vistra and IIRF.

Tata Coffee: Tata Coffee said it would set up a green field instant coffee facility in Vietnam at a cost of $50 million.

Glenmark Pharmaceuticals: The pharma major said it has chalked out $300 million capital expenditure plans over the next three years.

Yes Bank: The bank has announced that it has received AA rating with stable outlook from Care Ratings for Rs 2100 crore of Basel III AT 1 (Additional Tier-1) Bonds and Ind AA rating with stable outlook from India Ratings & Research.

IL& FS Transportation: GIRCL Rail Bridge Development, a wholly-owned subsidiary of IL&FS Transportation Networks, said it will build eight railway over-bridges in Gujarat at an estimated cost of Rs 250.85 crore.