Index trend and stocks in action December 30, 2016

Markets gave a surprising turnaround on the last day of December F&O expiry to close 0.86% higher at 8103, which is our mentioned major resistance level for now. Nifty managed to fully recover from previous day’s fall with higher volumes. Nifty opened on a flat note, consolidated till the afternoon session and then gave an upswing to ultimately close in green.

Going forward, if Nifty has witnessed fresh buying in today’s session, we can consider it to have taken a major support at 7920-7900 levels and expect that a new rally is in the making. Here, we can expect Nifty to rally up to 8245-8260 in the first place provided a hurdle of 8130, which is a 61.8% retracement level of the previous downward move, is broken on a closing basis.

However, if it’s just a short-covering, we may again see Nifty heading southwards where we hold 7990 followed by 7920-7900 to act as the supports for now.

Jagran Prakashan: The company has informed BSE that the meeting of the board of directors of Company is scheduled to be held on January 05, 2017, to consider the proposal for buy-back of shares.

Ishan Dyes & Chemicals: The company has informed BSE that the board of directors of the Company at their meeting held on December 29, 2016 have planned to increase the authorized share capital of the Company and issue of bonus equity stocks to the existing shareholders of the Company in the ratio of 1:2 will be carried out.

IFCI Limited: IFCI has informed BSE that as against earlier decision of IFCI to sell remaining 3.05% stake in equity of NSE, IFCI now has offered to offload 25% of its 3.05% stake through IPO of NSE.