Index trend and stocks in action December 06, 2017

During the previous trading session, after opening gap and testing its 100-SMA, Nifty rebounded to close flat with negative bias. The price action has resulted in the formation of doji candle which indicates indecision. Going forward, a follow through correction below the 100-SMA, which is placed around 10,070, may see the Nifty extending its correction towards levels of 10,000, while on the upside the level of 10,180 followed by 10,210 is a stiff barrier for the index. Today being a crucial event, i.e. RBI bimonthly policy release, the outcome of policy could the dictate the near term trend for the Nifty. 

Essel Propack: The Company is issuing Commercial Papers (CP) for Rs. 30 crore on private placement basis.  

Reliance Communication: Fitch Ratings (Fitch) has withdrawn “C” rating of Company’s Long-Term Foreign and Local Currency Issuer Default Ratings and Bonds listed in Singapore Stock Exchange due to commercial reasons.    

Byke Hospitality: Company announced acquisition of the 3 hotels, The Byke Nature Villas in Shimla, The Byke Puja Samudra in Kovalam and The Byke Brightlands Resorts in Matheran.  

Infosys: Inspired by the success of past funding initiatives to train thousands of public school teachers, Infosys Foundation USA will host the Pathfinders Summer Institute 2018, a national convening for K-12 teacher education in Computer Science and Making.  

Hatsun Agro Product: Paid Rs 2.07 crore to the income tax authorities as per the settlement commission order.  

Shilpa Medicare: Company has received Form 483 observations from the USFDA for it Telangana facility, a total of 10 observations was cited during the close up meeting.  

Punjab Chemicals: The board meeting is to be held on December 8, 2017 to consider fund raising.