Index trend and stocks in action December 05, 2018
DSIJ Intelligence-3Categories: Pre Morning
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.
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.