Index trend and stocks in action December 30, 2019
DSIJ Intelligence-3Categories: Trending
.jpg)
The index, if sustains above the Friday’s session high of 12,258, may attempt to retest its all-time high level of 12,294. On the flip side, the level of 12,180-12,200 is likely to act as an immediate support level. Stocks in news: JSW Steel, BEML, Skipper, Cadila Healthcare, PI Industries, NHPC, RITES, PSP Projects.
Friday’s resurgence by the bulls aided Nifty to pare most of its losses for the week. With this, the January F&O series began with a bang. On a weekly basis, the index ended with a marginal loss of 0.21 per cent. It formed a Doji like candlestick pattern on the weekly time scale and could not cross the prior week high.
Nifty corrected about 170 points from its all-time high level in the three sessions; however, it retraced back 61.8 per cent of the recent fall from its all-time high levels. Going ahead, the index, if sustains above the Friday’s session high of 12,258, may attempt to retest its all-time high level of 12,294. On the flip side, the level of 12,180-12,200 is likely to act as an immediate support level.
All-in-all, Nifty's trend is bullish and any dips are expected to attract buyers, as long as the prior week's low of 12,118 is protected. The stock-specific action is likely to be a witness and a fresh momentum on the buy-side will be seen on closing above the 12,300 mark.
JSW Steel: The company’s subsidiary is planning to sell 39 per cent stake in Geo Steel to JV partner for US$23.08 million.
BEML: BEML signed MoU with IRCON International Limited to explore and address opportunities in the overseas market by synergizing each other’s strengths for large infrastructure projects in the transportation sector.
Skipper: Skipper Limited has become the first company in India to have successfully designed, fabricated, and type tested a 765 KV S/C Monopole.
Cadila Healthcare: Cadila Healthcare has clarified that the reports of plans to sell two of its divisions is a speculative one.
PI Industries: PI Industries completes acquisition of lsagro Asia.
NHPC: Unit 2 of Bairasiul Power Station (180 MW) is tested and commissioned after completion of renovation and modernization works.
RITES: The board of directors of RITES has declared an interim dividend of Rs 6 per share of paid up share capital.
PSP Projects: The company has emerged as the L-1 Bidder for development and beautification of Shri Kashi Vishwanath Dham at Varanasi, Uttar Pradesh, with bid value of Rs 339 crore (excluding taxes).