Index trend and stocks in action December 11, 2018

The NSE benchmark Nifty not only opened with a gap-down, but the bears got momentum on the downside as the day progressed and the index ended below the important psychological 10,500 mark and near the lowest level of the day. The price action formed a small body negative candle which resembles ‘high wave’ candle with a gap-down opening. The Nifty has almost retraced 50 per cent of the rally seen from the lower levels of October 2018. Going ahead, the level of 10,360 is likely to act as a strong support for the index as it is 61.8 per cent retracement level of the entire upmove from the October lows. On the upside, the zone of 10,555-10,599 is likely to offer stiff resistance as it is the confluence of downside gap which was created on December 10 and the 50-day moving average placed in this region.  

Wipro: Wipro Digital plans to expand Asia-Pacific design capabilities in Australia. 
  
Lupin: The company has received tentative approval from the US FDA for Apixaban tablets, 2.5 mg and 5 mg, which is indicated for reducing the risk of stroke and systemic embolism in non-valvular atrial fibrillation. 
  
Zensar Technologies: The company has  announced  that  it  has  been  selected  by  EBRD  (European  Bank  for  Reconstruction and Development) as their partner for infrastructure and network services.   
  
Titagarh Wagons: The company has received a contract for manufacture and supply of 5,058 wagons to Indian Railways. The value of the order is Rs 1,560.87 crore. 
  
KDDL: The board of directors at its meeting has approved an agreement for acquisition of a Swiss watch hands manufacturing company named “Estima AG”.  
  
GMR Infrastructure: GMR Infrastructure's subsidiary has raised Rs 2,256 million through CCDs for investment in GMR Bajoli Holi Hydropower Pvt. Ltd . 
  
Cox & Kings: The company has informed the exchanges of the  sale of entire ownership and control of education division of Holidaybreak Limited, a subsidiary of the company, to UK-based Midlothian Capital Partners for a consideration of GBP 467 million. 
  
ICICI Bank: The committee of executive directors has approved proposal for domestic fund-raising via issue of senior unsecured long-term bonds/Basel-III compliant unsecured subordinated perpetual additional tier-I bonds. 
  
SBI: The bank will consider raising upto $1.25 billion in its December 12 meeting.