Index trend and stocks in action November 29, 2017

During the previous trading session, Nifty opened the session with a negative bias; however, it struggled for direction in the first half of trade and oscillated nearby the 10,400 mark, but a sudden sell-off during the last leg of session dragged the index lower. The price action for the day resulted in the formation of high wave like candle. Going ahead, the level of 10,410 is seen as an important hurdle for the bulls and on the downside, the level of 10,340 is a crucial support as its 61.8% retracement level.  We can now see a defined range of 10,340 and 10,410 for the Nifty and only a sustainable move on either side would dictate the near term direction.     

Indo Count Industries: Indo Count Industries Limited has incorporated a wholly-owned subsidiary, HOMETEX GLOBAL DMCC in Dubai, UAE, registered with Dubai Multi Commodities Centre Authority (DMCCA) with the capital of AED 50,000.  

SREI Infrastructure: Proposed initial public offering of equity shares of company’s material subsidiary Srei Equipment Finance Limited ('SEFL'). 

Somany Ceramics: The Company has issued commercial paper of Rs. 20.00 crore value dated November 28, 2017 having maturity on February 26, 2018. The aforesaid issuance of commercial paper is to reduce high interest bearing cash credit limits and in turn reduce the cost of borrowing. 

Swaraj Engines: Company to undertake a buyback up to 2.94 lakh shares aggregating up to 2.37% at a price of Rs. 2,400. 

AU Small Finance Bank: AU Small Finance Bank Limited Commences offering of Mutual Fund Products. 

Technofab Engineering: Company announced receipt of a new order in the domestic water sector valued at Rs. 281 crore.