Index trend and stocks in action December 17, 2019

Despite a good start on Monday, the Nifty failed to achieve a breakout once again and, after trading flat through the session, it succumbed to selling pressure in the last hour. In the end, it closed with losses of 0.27 per cent at 12,054.

The price action of the day formed a bear candle that opened above the close of prior bull candle and then closes below the midpoint of the bull candle. This pattern resembles to a Dark Cloud Cover pattern, which is a bearish reversal pattern. However, traders look for confirmation of this pattern in form of further decline following the bear candle. Moreover, after forming back to back opening upside gaps on December 12 and 13, the third gap-up opening has been filled completely. In the coming days, the all-time high of 12,158 is likely to act as a resistance level for the index. It has to move past this resistance zone for a fresh round of up move. Meanwhile, on the downside, the immediate support is seen around 12,000 mark and a close below the 12,000 mark would mean that we might head back to lower end of the range, that is, 11,800 mark in the near term.

JM Financial: The company will consider fundraising by the way of issue of equity shares or any instrument.

Cipla: Cipla acquires trademark rights of Vysov.

Equitas Holding: The subsidiary of Equitas Small Finance Bank has filed its DRHP with SEBI for the proposed IPO.

Reliance Industries: BP and Reliance Industries Limited (RIL) signed a definitive agreement relating to the formation of their new Indian fuels and mobility joint venture. This follows the initial heads of agreement signed in August this year.