Index trend and stocks in action December 20, 2018

The NSE benchmark Nifty made a gap-up start and continued its upward momentum to register seventh straight session of gain. Nifty ended the session with a gain of 0.54 per cent to close at 10,967. The price action formed bullish candle with a gap-up opening. Nifty has managed to surpass its 100-day moving average, and going ahead, we expect the index to stay in a rising trajectory and head towards the level of 11,090, which is 61.8 per cent retracement level of the corrective phase since August 2018. However, the index had surged over 600 points from the lows witnessed on December 11 and the present structure on the chart looks slightly overstretched, and hence, we may see some consolidation. In case of consolidation, the zone of 10,870-10,880 is likely to act as a support level. 

Orient Electric: Orient Electric is launching a new range of lifestyle portable fans. The company would be launching this new range of premium lifestyle fans in a press conference to be held in Mumbai on December 20, 2018. 
  
Alembic Pharmaceuticals: The United States Food and Drug Administration (US FDA) has conducted an inspection at Alembic Pharmaceuticals Limited API facility located at Panelav from December 17, 2018 to December 19, 2018. This was a scheduled inspection and at the end of the inspection, there were no 483s. 
  
Endurance Technologies: After a favourable court order, the company will announce a suitable compensation package for all its eligible permanent workmen employed on the rolls of the plant in Manesar. The company has discontinued operations at its plant at Manesar with immediate effect. 
  
Om Metals Infraprojects: Om Metals has bagged Rs 615.16 crore EPC contract from water resources department, Government of Rajasthan . 
  
TCS: TCS has launched next-generation private Cloud in Canada . 
  
Pfizer: Parent company Pfizer Inc USA and GlaxoSmithKline plc have entered into an agreement to create a premier global consumer healthcare company. 
  
KPIT Technologies: The NCLT has approved  the composite scheme of arrangement between Birlasoft (India) Limited and KPIT Technologies Limited and KPIT Engineering Limited and their respective shareholders. 
  
Cosmo Films: The company has  launched sterilisable conduction sealing film. This film is mainly used in dairy industry for flavoured milk, pharma industry and bakery products. 

Canara Bank: The board of the bank has decided to raise additional Tier-I capital through Basel III compliant additional Tier-I perpetual bonds in rupee terms for an amount not exceeding Rs 3000 crore in a single tranche or in multiple tranches, depending on the market conditions and subject to necessary approvals.