Index trend and stocks in action December 29, 2016

On Wednesday, Nifty closed on a flat note, preceded by intraday volatility, ahead of December F&O expiry. Nifty failed to cross or even sustain 8100 mark, which was our mentioned resistance level. Nifty opened on a positive note, gave higher tops and higher bottoms up to 8100, and then witnessed a straight fall to close flat.

With this, Nifty has cued a retreat from the said levels where we expect Nifty to take support at 7990 followed by 7920-7900. If the supports are broken, we hold 7810-7760 as the next big support range. In case Nifty remains vary of the expiry, we can expect a range-bound movement from 8080-8130.

To gain any optimism, Nifty must break out of 8100 levels and then we can hold 8240-8270 as the medium-term upside targets.

IFCI,SBI & IDBI: The companies are likely to hog the limelight after NSE filed DRHP with the market regulator for the initial public offer where IFCI, SBI and IDBI hold stakes,  and selling of which will help them raise funds.

Reliance Industries: The company has informed BSE that on birth anniversary of Dhirubhai Ambani the company has successfully commissioned the first phase of Para-xylene (PX) plant at Jamnagar, Gujarat.

Pratibha Industries: Pratibha Industries has informed BSE that a meeting of the board of directors of the Company shall be held on January 04, 2017, to consider and approve, the issue and allotment of shares on a preferential basis to the lenders of the Company under the Strategic Debt Restructuring (SDR) scheme.