Index trend and stocks in action December 04, 2017
DSIJ Intelligence-3 / 04 Dec 2017
Going ahead, the zone of 10,120-10,090 is a key support as 50% retracement of the rally 9,687 to 10,490 is placed in this region and additionally the previous swing low is placed in this range.
On Friday, Nifty opened the session with a positive bias, however, as the day progressed a sharp decline triggered in and Nifty ended near the lowest point of the day. Price action of the day resulted in the formation of a sizeable bear candle and a back to back formation of sizeable bear candle in the last two trading sessions is indicating bear dominance in the market. Going ahead, the zone of 10,120-10,090 is a key support as 50% retracement of the rally 9,687 to 10,490 is placed in this region and additionally the previous swing low is placed in this range. A follow through decline below the previous swing low (10,089) will see the index extending its slide towards the level of 10,060, which is 100-SMA. Whereas, on the upside, the level of 10,170-10,180 is likely to act as a resistance. Among the oscillators, the stochastic after a sharp sell-off has entered into a oversold territory. RSI is currently placed at a reading of 38 and in the past, the band of 36-38 has acted as a good turnaround level.
Vijay Bank: Board has accorded its approval for raising Rs. 1,300 crores by way of additional tier 1 bonds under Basel III for the FY 2017-18.
Biocon: USFDA approves Mylan and Biocon's Ogivri, the first biosimilar for Trastuzumab, for the Treatment of HER2-Positive Breast and Gastric Cancers.
Coal India: Coal India production for November at 51.29 million tonnes. Offtake at 50.67 million tonne.
Future Retail: Board approves allotment of 93,10,987 equity shares at Rs 537 per share to Hypercity Retail shareholders.
Mirc Electronics: Board of Directors have approved issue of 1.92 crore equity shares and 1.92 crore warrants at Rs 37.53 per share worth Rs 144.12 crore.
Dr Reddy’s Lab: Company gets EIR from USFDA for CPS facility at Telangana.
Asahi India Glass: The Company has agreed to make a strategic investment in Timex Group Precision Engineering Ltd. (TGPEL).
TRIL: TRIL has received order of Rs 127 crores from Power Grid Corporation of India.
Tata Steel: Tata Steel to acquire 74% equity shares of Bhubaneshwar Power Private Limited from JL Power Ventures.
Wipro: Wipro to contest US$140 million lawsuit filed by National Grid U.S.
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