Index trend and stocks in action December 28, 2016

DSIJ Intelligence / 28 Dec 2016

Index trend and stocks in action December 28, 2016

Going forward if 8050 is broken on a,closing basis, we hold 8100 (20 days EMA) as the next resistance level. 8242 will act as the next big resistance and a trend reversal will occur if it is broken. However, if today’s optimism is just a pullback, we can expect a southward move where we hold 7945-7900 as the support for now.

On Tuesday, Nifty witnessed short covering with reasonably higher volumes, breaking its immediate resistance at 7970 levels. Both RSI and Stochastics gave a positive crossover, hitting the oversold zone that suggests some more upside in the near term. Nifty opened on a positive note and gave gradual upside, posting 1.5% gains from its previous close. Nifty has just neared our next resistance at 8050 levels.

Going forward if 8050 is broken on a,closing basis, we hold 8100 (20 days EMA) as the next resistance level. 8242 will act as the next big resistance and a trend reversal will occur if it is broken. However, if today’s optimism is just a pullback, we can expect a southward move where we hold 7945-7900 as the support for now. Below this we see 7810-7760 as the next supports.

We expect benchmark indices to remain volatile with just two days left for December F&O expiry, which is in focus.

Religare Enterprises: The company has informed exchanges that the board of directors of the company on Tuesday, December 27 have approved the scheme of amalgamation that is designed to simplify the company’s corporate structure.

Dhanuka Agritech: The company has informed BSE that a meeting of the buyback committee of the board of directors of the Company will be held on January 03, 2017, to approve the final terms and conditions of the buyback of equity shares of the Company, subject to shareholders’ approval.

Sunil Hitech Engineers: The company has informed BSE regarding a press release dated December 27, 2016 titled "Sunil Hitech Engineers awarded Road EPC project worth Rs. 434 crores in Arunachal Pradesh".

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