Index trend and stocks in action December 12, 2019

The Nifty opened the session with a positive bias but it pared all its gains gradually and slipped in the negative terrain. Also, at one point of time, it slipped below the prior session's low. However, in the second half of the trading session, bulls made a strong come back and the benchmark index ended above the 11,900 mark, up by 0.45 per cent. The price action of the day formed a bull candle with a minor shadow, indicating the buying interest, seen at lower levels. There was a formation of NR4 on the daily chart as well.

Going ahead, the Nifty has a strong resistance placed at levels of 11,982 in the form of 20-DMA and, as long as the index stays below this level, a cautious view is advised. While a move beyond this would result into a change in the view and, in that case, we may see the index scaling towards 12,100 levels. On the downside, the Nifty has strong support in the zone of 11,800-11,820.

Overall, it would be interesting to monitor price action near the immediate resistance of 11,982, going forward. If the Nifty fails to cross this hurdle, expect consolidation to corrective phase to continue.

Bharti Airtel: The company has clarified that reports of merging DTH operations with Dish TV are speculative in nature.

Maruti Suzuki India: Maruti Suzuki India joined hands with the Federal Bank to provide dealer finance and customized auto retail financing solutions to customers.

Cipla: An associate company, Avenue Therapeutics, announces the submission of new drug application to the US Food and Drug Administration (USFDA) for IV Tramadol for the management of moderately severe pain in adults in a medically supervised healthcare setting.

KRBL: The company announced the launch of its new product in the name and style of "India Gate ldli Rava".

Prakash Industries: Prakash Industries declared as a successful bidder for Bhaskarpara Coal Mine.

Vodafone Idea: Vodafone Idea clarified on the news of the company selling some assets to Brookfield, Edelweiss. The company has denied such negotiations taking place between the aforementioned parties.