Index trend and stocks in action December 21, 2018

The NSE benchmark Nifty opened the session with a gap-down and recouped most of its losses to end the trading session with a marginal cut. For the first time, the index has registered losses on a closing basis in the past eight trading sessions, losing 0.06 per cent. Going ahead, we expect the markets to consolidate or take a breather in the form of a minor correction as the present structure on the charts is slightly overstretched, along with the stochastic oscillator which is currently in the overbought territory. During this phase of temporary breather, we expect the December 17 gap area of 10,845-10,816 to act as an important support level, as holding above this region would keep the pullback options open. On the upside, a follow-through move above Wednesday’s session high of 10,985 is likely to open up for further upside towards the levels of 11,085-11,090 as this region is the confluence of 61.8 per cent retracement level of the corrective phase that started from August and the upper boundary of the channel since October is placed around this region.  

Indian Hume Pipe: The company has received letter of acceptance for the work of Rs.502.89 crore from Andhra Pradesh Drinking Water Supply Corporation (APDWSC), Vijayawada, Andhra Pradesh, for the work of construction of drinking water supply projects in Guntur district . 
  
BOSCH: Considering the current market situation and reduction in the volumes due to   reduction in the customer’s requirement, the company has proposed to suspend all manufacturing operations at  the company's Bidadi plant in Karnataka on Friday, December 28, 2018 and Saturday, December  29, 2018. 
  
Power Finance Corporation: The board of directors of the company has approved strategic sale of Government of India's equity shareholding in REC to Power Finance Corporation. 
  
Bharti Airtel: Bharti Airtel’s board has approved sale of up to 59.12 crore equity shares, representing 32 per cent stake of  Bharti Infratel  owned by the company, to its arm Nettle Infrastructure Investments. After the deal, Bharti Airtel will own 18.33 per cent stake in its the infratel arm and Nettle Infrastructure Investments and the public will hold 35.18 per cent and 46.49 per cent, respectively. 
  
NHPC: The company has stated that the 520 MW power station in Himachal Pradesh would be under complete shutdown from three months with effect from Dec. 20 for repair and maintenance work 
  
ENIL: The company has intimated that a fire took place at the common transmission infrastructure (CTI) at Mumbai and has disrupted the terrestrial broadcasting at Mumbai radio station of the company and other private broadcasters in Mumbai.   Mumbai Radio Station of the company is off air due to this fire. All the necessary steps are being taken to restore the services to the listeners as soon as possible. The equipment of the company at CTI are adequately insured.  
  
Mercator: The company as a part of its strategic plan has sold its old vessel M. T. Sisouli Prem (VLGC), built 1992, for a total consideration of USD 7.6 mn and the proceeds of which would be used to reduce the debt and other liabilities.  The company has also announced that it has emerged as the lowest bidder in its bid for maintenance dredging of 7.0 million CUM quantity for 3 years at Paradip Port vide tender floated by Paradip Port Trust. The contract value of this work is around Rs 167.61 crore which is expected to be completed over a period of 36 months.