Index trend and stocks in action December 22, 2017
DSIJ Intelligence-3 / 22 Dec 2017
Going ahead, as long as the index stays above the recent breakout area of 10,400-10,410, one should resort to buying on dips strategy. On the upside, there is hurdle around the levels of 10,490-10,495, and a sustainable breakout above this resistance would trigger some momentum in the index which could take the index up to the levels of 10,550 and 10,600.
During the previous trading session, Nifty started on a positive note and slipped into minor decline in the initial part of the session. Thereafter, the index oscillated in a narrow range for most part of the trading session and closed with a modest loss. The price action resulted in formation of a negative candle, which contains a lower high and lower low. Going ahead, as long as the index stays above the recent breakout area of 10,400-10,410, one should resort to buying on dips strategy. On the upside, there is hurdle around the levels of 10,490-10,495, and a sustainable breakout above this resistance would trigger some momentum in the index which could take the index up to the levels of 10,550 and 10,600.
Karnataka Bank: Karnataka Bank opens its 777th Branch at Dharwad, Vidyagiri.
Reliance Infra: Company has signed a binding share purchase agreement with Adani Transmission for 100% sale of its integrated Mumbai Power Business, subject to regulatory and other customary approvals.
HIL: Company has commenced the commercial production of its new product 'Charminar Fortune' at its plant located at Kondapalli, Andhra Pradesh.
Aarti Industries: To buy back about 8.2 lakh shares at Rs 1,200 each.
HDFC: To sell 100% stake in its wholly owned subsidiary companies HDFC Developers and HDFC Realty to Quikr India.
SRS: Company has signed MOU with Spencer Retail to sell the SRS Value Bazar business at an enterprise value of Rs. 320 million.
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