Index trend and Stocks in action December 27, 2018

The NSE benchmark Nifty witnessed a gap-down opening; however, the end was not less than a fairy tale as Nifty not only erased its losses but ended the session above the 10,700 mark with a gain of 0.62 per cent The price action formed a bullish candle carrying a long lower shadow, which highlights emergence of buying demand near the 50-day simple moving average. The level of 10,770-10,780 is likely to act as a strong barrier for the index as the 200-day simple moving average is placed in this region. A sustainable move above these levels would lead to an extension of the rally up to the levels of 10830-10840, while on the downside, the zone of 10580-10570 is likely to act as an immediate support for the index as it is the confluence of 50-day simple moving average. 

Sun Pharma: The company’s subsidiary DUSA Pharmaceuticals has got relief from a US court in the patent infringement case. 

Tata Global Beverages Ltd : The Credit Analysis and Research Limited (CARE Ratings) has reaffirmed the Care A1+ rating for the company’s commercial paper for issue size up to Rs. 715 crore. 

NTPC Ltd: The company has received investment approval for Bilhaur solar PV project of 140 MW capacity and Auraiya solar PV project of 20 MW capacity. 

Shanti Gear:  The company has declared a one-time special (interim) dividend of Rs 5 per equity share and the board also sanctioned the buyback of fully paid-up equity shares for an aggregate amount of Rs 70 crore. 

Vardhman Poly: The company has appointed Adish Oswal as Chairman of the company with additional designation as Chief Operating Officer. 

Alphageo : The company has received notification of award of contract from Oil & Natural Gas Corporation Limited, Jorhat, for provision of 2D seismic data acquisition service in South Geleki area of Assam and Assam Arakean basin for an estimated contract value of Rs 14.45 crore.