Index trend and stocks in action December 14, 2018

The NSE benchmark Nifty extended its northward movement for a third consecutive day. However, in the last hour of trading, a bout of volatility was seen and, as a result, Nifty closed off the day’s high. The price action formed a high wave candle with small real body and shadows on either side, indicating hesitation at 78.6 per cent retracement level of the previous fall (10,941-10,334). Going ahead, the 200-day moving average, which is placed around the level of 10,755, is likely to act as an immediate support level, whereas on the upside, Thursday session's high which stands at 10,839 is likely to pose resistance. A follow-through move above this level would lead to an extension of the pull-back towards 10,880, followed by 10,941.  

Lupin: Lupin has announced that it has received tentative approval for its Dimethyl Fumarate delayed release capsules, 120 mg and 240 mg from the United States Food and Drug Administration (FDA) to market a generic version of Biogen, Inc's Tecfidera capsules, 120 mg and 240 mg. 
  
IOC: IOC’s  board has announced share buyback and dividend. The company will buy back approximately 3.06 per cent of the total equity worth Rs 4,435 crore at Rs 149 per share and dividend of a Rs 6.75 per share aggregating to Rs 7886 crore. The record date for the buyback is set on Dec. 25. 
  
Adani Enterprises: The company's subsidiary Adani Defence Systems and Technologies Limited acquired Alpha Design Technologies Private Limited for Rs 400 crore. 
  
Dilip Buildcon: The company's subsidiary DBL Rewa Sidhi Highways Private Limited received the financial closure letter from the National Highways Authority of India and has declared the financial closure of the said SPV. 
  
Premier Explosives: The company has received an order from an Israeli company for design, development, fabrication and assembly of rocket motors. The order amount is USD 41,000 and is to be executed in six months. This is a trial order having potential for regular commercial supplies in due course of time. 
  
NMDC: The company's iron ore sales up to November were 19.3 million tonnes.