Index trend and stocks in action December 26, 2016

On Friday, Nifty almost closed flat, snapping the 7 days losing streak. Nifty opened the session also on a flattish note, and soon after opening it registered a low of 7942; thereafter  registering a high of 8022. Now going forward, Nifty has strong support placed in the zone of 7900-7920, and as long as the index does not breach this support zone, a pullback rally is likely. However, if the Nifty sustains below the zone of 7900-7920, it’s likely to test levels of 7840-7800. On the upside, the zone of 8050-8060 is likely to act as a stiff resistance zone for the Nifty as it's the 61.8 per cent retracement level. More momentum would be visible if the Nifty sustains above 8050-8060 levels. In this case it will try to test the zone of 8120-8130.

Apar Industries: The company informed exchanges that a meeting of the board of directors of the company is scheduled to be held on January 6 to consider matters related to buyback of the fully paid-up equity shares of the company.

Ratnamani Metal and Tubes: The Company has bagged two new orders aggregating to 22,000 MT, valued at approx Rs 103 crore and Rs 33 crores for supply of Carbon Steel ERW pipes for gas pipe line in India to be completed by June/July 2017 and Oct/Nov 2017 respectively.

ISGEC Heavy Engineering: The Company has informed bourses that it has signed a technology agreement with AP&T of Sweden for cooperation in the manufacture of Hydraulic Press and other equipment for Press Hardening Line.