Index trend and stocks in action December 22, 2017
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.