Index trend and stocks in action December 29, 2017

During the previous trading session, Nifty traded range-bound in the initial part of the session, but the momentum picked up in the afternoon session and Nifty scaled to intra-day high of 10,534. But, in the penultimate hour, volatility set in and the index ended the session with modest losses. Price action resulted in formation of a small body bearish candle. Going forward, the level of 10,450 is an immediate support for the Nifty and decisive breach of this support zone would open gates for correction up to the level of 10,400. On the upside, the levels of 10,535 and 10,552 are likely to act as stiff barriers for the Nifty.  

Karnataka Bank: Karnataka Bank opens four branches at Sirwar (778th), Elimale FI branch (779th), Ajjavara GP FI branch (780th) and at Sulia Nehru Memorial College (781st branch) . 

Reliance Industries: Reliance Jio Infocomm, subsidiary of the company, to acquire wireless infrastructure assets from Reliance Communications, asset to be transferred free and clear of encumbrances. 

Lupin: Lupin receives FDA approval for generic Dovonex Scalp Solution. 

GTPL: The Board of Directors have approved the acquisition of remaining 49 per cent stake in GTPL Surat Telelink Private Limited, making it a wholly-owned subsidiary of the company. The board also approved the acquisition of further 23.50 per cent stake in GTPL Ahmedabad Cable Network Private Limited, a subsidiary of the company in which it presently holds 51 per cent equity shares. 

Mahindra Lifespaces: Received approval from NCLT for merger of 3 units with Mahindra World City. 

Centrum Capital:  The Board of Directors of the company are scheduled to meet on Wednesday, January 3, 2018, to consider and approve fund-raising, inter-alia, by way of issue of equity shares and/or any other permissible securities, through further public offer and/or rights issue and/or qualified institutional placement and/or preferential issue.