Index trend and stocks in action December 17, 2018

Karan Dsij
/ Categories: Trending, Pre Morning

The NSE benchmark Nifty opened the session on a flat note and traded subdued for the entire session. In the end, Nifty registered modest gains and ended above the 10,800 mark. The price action formed an inside bar as price traded within high to low range of the previous bar. Going ahead, the zone of 10,750-10,757 is likely to act as crucial support for the index as it is the confluence of 200-day moving average and an identical low of the last two trading sessions. Failure to hold this support would lead to further correction up to the level of 10,709 which is 61.8 per cent retracement level of the recent downmove. On the upside, immediate hurdle is placed around the level of 10,811 as it is 78.6 per cent retracement level of the recent downmove. 

Biocon: The US FDA has conducted a GMP inspection of company’s API manufacturing facility in Telangana from Dec 12-14, 2018. The inspection concluded without any observations and no Form 483 was issued.  
  
Reliance Industries: The company has said that the order passed by the TDSAT has no impact on Reliance Jio Infocomm Ltd. 
  
Wipro: Topcoder, a Wipro company, has entered into strategic partnership with Denmark-based Saxo Bank to give digital solutions. 
  
NTPC: The company has acquired Barauni thermal power station (720 MW) in district Begusarai, Bihar from Bihar State Power Generation Company Ltd. 
  
Cadila Healthcare: Zydus has received approvals from the US FDA for Albendazole tablets and Pregabalin capsules.  
  
Datamatics Global Services: Datamatics will demerge and separately list its subsidiary Lumina Datamatics. 
  
Infosys: The company has announced that it has signed an agreement to divest its shares in CloudEndure Limited for a total consideration of approximately US$ 15.3 million, subject to necessary conditions . 
  
Bharti Airtel: The meeting of board of directors is scheduled on December 20 to consider various fund-raising options . 
  
Future Consumer: The company has sold its stake in Amar Chitra Katha for Rs 44.4 crore and the latter has ceased to be the subsidiary of Future Consumer. 
  
Canara Bank: The board meeting of the bank is scheduled to be held on Wednesday, December 19, 2018,  to consider and approve raising of additional Tier I bonds for size and amount as may be decided and subject to necessary approvals. 


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