Index trend and stocks in action December 05, 2018
Low of the previous three sessions, which is placed around 10,835-10,845, is likely to act as a strong support area for the Nifty. A decisive breach of this zone would open up for further correction. Stocks in news: Lupin, SKF India, Kridhan Infra, Mandhana Industries, Hinduja Global Solutions, Oil India, Kesoram Industries and Tata Motors.
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The NSE benchmark Nifty opened the session with modest decline and thereafter it moved in a narrow range for most of the trading session. In the end, Nifty ended lower by 0.13 per cent at 10,870. The price action formed a candle pattern which resembled a Doji candle pattern. Going ahead, the almost identical low of the previous three sessions, which is placed around 10,835-10,845, is likely to act as a strong support area for the Nifty. A decisive breach of this zone would open up for further correction where Nifty may test the gap area created on November 29. On the upside, the 100-day moving average, which stands at 10,960, is likely to act as a stiff resistance for the index.
Lupin: Pharma major Lupin announced the launch of Silodosin capsules 4 mg and 8 mg, having received approval from the United States Food and Drug Administration (FDA) earlier.
SKF India: The board has approved December 21, 2018, as the record date to determine the eligibility of shareholders under the proposed buyback of the equity shares of the company.
Kridhan Infra: Kridhan Infra's associate company Vijay Nirman Company has won order worth Rs 105 crore .
Mandhana Industries: The NCLT has approved a resolution plan submitted by the US-based Formation Textiles LLC for the company. The US firm will implement the resolution plan in its own capacity as a body corporate.
Hinduja Global Solutions: Hinduja Global Solutions plans to create 150 new jobs in Selkirk (UK) and invest in purchasing and upgrading the facility .
Oil India: Oil India has successfully commissioned the Cyclic Steam Stimulation (CSS) technology in the well BGW - 8 in Baghewala PML of Rajasthan for extraction of heavy crude oil for the first time in India.
Kesoram Industries: The company has decided to spin off its tyre business by demerging this undertaking into a resulting company, Birla Tyres Limited (BTL). BTL will also become a listed company with its shareholding pattern mirroring Kesoram.
Tata Motors: The company has informed that based on S&P Global Ratings, the credit rating of the company and Jaguar Land Rover Automotive Plc, the company's wholly-owned subsidiary, has been downgraded.