Index trend and stocks in action December 23, 2016

On Thursday, Nifty opened on a bearish note as cues from the global markets were negative. In the first hour of trade itself, market breached its key support level of 8040 and thereafter selling pressure intensified. On the daily chart, the Nifty had formed a strong bear candle. Now going forward index has strong support placed in the zone of 7910-7920. A decisive breakdown of this support zone may open gates for correction up to levels of 7840-7800. On the upside, the zone of 8045-8060 is likely to act as a stiff resistance for the Nifty.  

Welspun Enterprises: The company has approved buyback of 4.35 crore equity shares. Price for the buyback has been fixed at Rs 62 per share. Total buyback amount stands at Rs 269.76 crore.

Suzlon Energy: Suzlon Energy enters into a shareholders' agreement with AMP Solar India and Rudra Solarfarms. The agreement has been formulated to setup a solar power project under Rudra, which is a wholly-owned subsidiary of Suzlon and its subsequent sale. The project is expected to be commissioned by the end of FY 2017.

Tata Metaliks: Effective date of amalgamation of Tata Metaliks DI Pipes Ltd., with the company was December 22.

Voltamp Transformers: Voltamp Transformers has suspended operations in Salvi factory from December 21, after reports of acts of violence by a few contract workmen with the production supervisors.

JSW Energy: JSW Energy to hold board meeting on December 27, to consider and approve raising of long term funds through issuance of NCDs by way of private placement.

Mahindra and Mahindra Financial Services: To establish medium term note programme of Rs 5,000 crore.

Asian Oilfields Services: To hold its Extraordinary General Meeting on December 27, to consider and approve allotment of Warrants.