Index trend and Stocks in action December 28, 2018

The NSE benchmark Nifty started off the session on an optimistic note, and on expected lines, it faced resistance around the level of 10,830 and then shaved off early morning gains. However, the bulls took a pause and moved in a capped range in the second half of the trading session, but Nifty still registered a gain of 0.47 per cent to end above the 10,750 mark. The price action formed a small bearish candle with a gap-up opening. Going ahead, we expect Nifty to continue its upside momentum; however, the level of 10,882 is likely to act as an immediate resistance as it is 50 per cent retracement of the downmove which began in August. A breach of this resistance will allow the index to scale towards the zone of 10,920-10,950. On the flip side, the gap area which was formed on December  27 (10747.50-10764.45) is likely to act as support for the index. 


Tata Steel Ltd: CARE has assigned CARE AA rating for long-term bank facilities-term loan with 'Stable' outlook and for long-term/short-term bank facilities- fund-based/non-fund based assigned CARE AA with Stable outlook. 

Rane (Madras) Ltd: CRISIL has assigned CRISIL A with 'Positive' outlook for the long term debt instruments/total bank loan facilities of Rs 403 crore, while for the short term it has assigned CRISIL A1 and for the company’s commercial paper of Rs. 40 crore, it has assigned CRISIL A1. 

Lemon Tree: The company has agreed to enter into a joint venture with Magnolia Grove Investment Ltd, an affiliate of Warburg Pincus group. The joint venture company, i.e., Hamstede Living Private Limited, will construct, acquire, develop, operate and lease short and long stay real estate projects, with a primary focus on student housing, co-living for working professionals/adults and multi-family user. 

Tata Power: The company has bagged ‘Par-Excellence‘ and ‘Excellent’ award at the 32 nd  National Convention on Quality Circles (NCQC) 2018. 

Selan Exploration Technology: The company has announced buyback of equity shares for an aggregate amount of Rs. 25 crore. It has also declared an interim dividend of Rs. 5 per equity share. 

Kansai Nerolac Paints: The company has entered into share purchase agreement to acquire 100 per cent equity stake in Perma Construction Aids Pvt. Ltd for Rs 29.10 crore. 

Suven Life Sciences: The company has secured product patents in Brazil and Eurasia. The grant of one product patent from Brazil (PI 0312174-7) and one product patent from Eurasia (030947) corresponding to the new chemical entities for the treatment of disorders associated with neurodegenerative diseases and the patents are valid through 2023 and 2034 respectively.