Index trend and stocks in action December 21, 2017
DSIJ Intelligence-3 / 21 Dec 2017
Going forward, we expect the zone of 10,400-10,410 to be a strong support zone for the index as it is the resistance-turned-support level. On the upside, a follow through move above the Wednesday highs would lead to further upmove up to the levels of 10,560 and 10,600.
During the previous trading session, Nifty opened at a new record level. However, it failed to sustain at the peak levels as it witnessed profit-booking at higher levels. This was followed by some consolidation, and in the last hour of trading, another bout of profit-booking emerged and, as a result, Nifty concluded the session below 10,450. The price action resulted in formation of a candle which resembled a bearish belt hold pattern at the new highs. Going forward, we expect the zone of 10,400-10,410 to be a strong support zone for the index as it is the resistance-turned-support level. On the upside, a follow through move above the Wednesday highs would lead to further upmove up to the levels of 10,560 and 10,600.
Pidilite: Meeting of Board of Directors of the company will be held on December 26, 2017 to consider the proposal to buyback the fully-paid equity shares of the company.
Vaurn Beverage: To acquire PepsiCo India's previously franchised sub territory in the State of Jharkahand (20 districts) along with manufacturing facilities and franchisee rights for the state of Chhattisgarh.
Speciality Restaurants: Opening of new 'Mainland China' franchise restaurant by the company in Nashik.
Kridhan Infra: The opening of the QIP on December 20,2017 and approving the floor price of Rs. 102.82 per equity share for the QIP.
IVRCL: IVRCL has signed agreements with Cube Highways and Infrastructure Pte Ltd. of Singapore to sell its entire stake at Rs. 726.18 crore, in two subsidiaries.
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