Index trend and stocks in action December 22, 2016

On Wednesday, Nifty opened listless owing to sober cues from the Asian peers. Soon after opening, the Nifty moved in a narrow range for most part of the trading session. However, some action was seen in the last hour of trade as profit booking was seen in the market. On the daily chart Nifty tested its 61.8 per cent retracement level of recent up-move from the swing lows of 7916.40 to high of 8274.95. Now going forward, the zone of 8045-8055 will be keenly watched by the bulls, as breach of this support zone is likely to open gates for levels of 7990, which is 78.6 per cent retracement level of recent up-move. On the upside, the zone of 8120-8135 is likely to act as a stiff resistance level.

South Indian Bank: Private lender, South Indian Bank said its board has approved the issuance of one equity stock for every three equity stocks held by shareholders, on a rights basis.

JSW Steel: Shareholders have approved sub-division of shares in the ratio of 1:10. Record date for stock split has been set for January 5, 2017.

Kalindee Rail Nirman: Delhi and Calcutta High Court have sanctioned the amalgamation of the company with Texmaco Rail & Engineering Ltd.

IFCI: IFCI has changed short-term benchmark rates to 8.6 per cent per annum from current 8.5 per cent per annum.

Prism Cement: HDFC Mutual Fund has acquired an additional 2.037 per cent in the company, increasing its total stake to 7.35 per cent.

Capital First: Capital First has raised Rs 100 crore via issue of NCDs on a private placement basis.