Index trend and stocks in action November 16, 2017

During the previous trading session, Nifty kick started the session with a minor downside gap and shifted into choppy trend with a weak bias till mid-afternoon trading session. However, sharp selling emerged in the last leg of trade and ultimately it ended in red for the third straight session. The price action resulted in a bear candle, which carries a lower high/low sequence for a seventh consecutive session maintaining corrective bias. Index witnessed a decisive breach of its previous breakout points which is placed in the region of 10,140-10,170, which is negative. Going ahead, the area of 10,080-10,090 is a crucial support for the Nifty as the 50% retracement is placed in this region and a follow through move below 10,080 would result in a further correction up to levels of 10,000 where its 89-day EMA is placed. On the upside, the level of 10,170-10,180 would act as a key resistance area for the bulls. 

Infosys: Infosys announced a partnership with global online learning company Udacity to train Infosys employees in its Self-Driving Car Engineer Nanodegree Program. The program will give Infosys employees the skills needed as the company continues to focus on autonomous technology across a range of industries, including automotive, manufacturing and mining. 

ONGC: ONGC Videsh (OVL) has been assured by that PdVSA is committed to the agreements and payments will be made through existing offtaker channels or through new agreements with the Government owned refineries and accordingly the investment in Venezuela will be protected. 

Seamec: The Board of Directors has considered and approved scheme of demerger of EPC and Vessel division of HAL offshore into itself.

CRISIL: Company has executed binding agreements to acquire 100% of the equity share capital of Pragmatix Services Pvt. Ltd. at a consideration not exceeding INR 56 crore.

RBL Bank: Bank has acquired additional 2.08% stake in Swadhaar FinServe Private Limited ('Swadhaar') and thereby increased its shareholding in Swadhaar to 60.48%.