Index trend and stocks in action December 19, 2017

The start to the week was a roller-coaster ride for the Nifty as the index plunged over 250 points in a fraction of a second and this was mainly due to early leads in Gujarat polls leaning in favour of Congress. However, as the day progressed and the Congress lead did not last long, Nifty recouped its losses and ended the day with smart gains of about 55 points. The price action resulted in formation of a long bull candle with long upper and lower wick. Going ahead, the level of 10,410-10,420 is a key level to watch out for and any sustainable move beyond this level may result in extension of the rally towards the level of 10,490. On the downside, the zone of 10,320-10,330 is a crucial support level for the Nifty.  

LT Foods: QIP opens with a floor price at Rs. 79.13 per share.  

Dilip Buildcon: The meeting of Board of Directors of the company is scheduled on December 25, 2017 for issue and allotment of 8.90 per cent 6000 non-convertible debentures with a face value of Rs 10,00,000 each issue at par aggregating to Rs. 600 crore on a private placement basis.  

JM Financial: The Board of Directors of the company at its meeting approved raising Rs. 650 crore via securities.  

Kamat Hotels: The Supreme Court of India rules in favour of Kamat Hotels as the prior user of the word ‘Orchid’ in dispute with Orchid Hotels.  

Surya Roshni: Company launches GEN-NEXT Led lightning range.  

Bank of Baroda: To consider raising additional funds on December 22, 2107.  

Gandhi Special Tubes: To seek shareholders’ approval to buyback 8.80 lakh shares at Rs. 500 each