Index trend and stocks in action December 10, 2018

The NSE benchmark Nifty snapped its three-day losing streak and witnessed a smart bounce-back on the final trading session of the week and settled at 10,694, up by 0.87 per cent. The price action formed a sizeable bull candle with a minor lower shadow. The index, after breaching its trendline support as on December 6 as well as its crucial moving average with the pullback on Friday, has retested its trendline breakdown level. On Monday, the index will react to the exit poll outcomes and hence we expect a shaky start to the session and the level of 10,567 is likely to act as an immediate support level as it is 50-day moving average, followed by 10,480. On the upside, the 200-day moving average placed around the level of 10,751 is likely to act as a strong hurdle for the index. 

Escorts: The company has executed the business transfer agreement for transferring the existing RT crane business of the company as a going concern on a slump sale basis to the JV company with Japan-based Tadano for an amount not exceeding Rs 350 miliion. 
  
Tata Sponge: The Ministry of Environment, Forest and Climate Change, Government of India has decided to give environmental clearance for the enhancement of DRI production from 4,25,000 TPA to 4,65,000 TPA in the company’s existing facility located at village Bileipada, Tehsil Barbil, district Keonjhar, Odisha. 
  
Ashoka Buildcon: The company has received letter of acceptance from Rail Vikas Nigam Limited for the project in connection with the third line from Sonnagar to Garhwa Road in Dhanbad division of East Central Railway, Bihar and Jharkhand in two packages. The aggregate accepted bid value of the project is Rs 794.20 crore. 
  
Mangalam Drugs and Organics: The company’s  Unit-1 facility was recently inspected by WHO pre-qualification team and has received the WHO pre-qualification approval for its Unit-1. 
  
Seamec: The company has entered into a charter party with Supreme Hydro Engineering Pvt Ltd for charter hire of vessel 'Seamec Princess' for working at Mumbai High offshore. The tenure of the contract is for a firm period of 150 days with option for extension. The value of charter during firm period is $3.08 million. 
  
Uflex:  The company has entered into an agreement to acquire 100 per cent shares of Flex Chemicals Pvt Ltd, a company incorporated in Russia. 
  
Capital India Finance: The board has approved rights issue of about 3.5 crore equity shares at Rs 72 each aggregating to about Rs 249 crore.