Index trend and stocks in action December 30, 2019

Friday’s resurgence by the bulls aided Nifty to pare most of its losses for the week. With this, the January F&O series began with a bang. On a weekly basis, the index ended with a marginal loss of 0.21 per cent. It formed a Doji like candlestick pattern on the weekly time scale and could not cross the prior week high.

Nifty corrected about 170 points from its all-time high level in the three sessions; however, it retraced back 61.8 per cent of the recent fall from its all-time high levels. Going ahead, the index, if sustains above the Friday’s session high of 12,258, may attempt to retest its all-time high level of 12,294. On the flip side, the level of 12,180-12,200 is likely to act as an immediate support level.

All-in-all, Nifty's trend is bullish and any dips are expected to attract buyers, as long as the prior week's low of 12,118 is protected. The stock-specific action is likely to be a witness and a fresh momentum on the buy-side will be seen on closing above the 12,300 mark.

JSW Steel: The company’s subsidiary is planning to sell 39 per cent stake in Geo Steel to JV partner for US$23.08 million.

BEML: BEML signed MoU with IRCON International Limited to explore and address opportunities in the overseas market by synergizing each other’s strengths for large infrastructure projects in the transportation sector.

Skipper: Skipper Limited has become the first company in India to have successfully designed, fabricated, and type tested a 765 KV S/C Monopole.

Cadila Healthcare: Cadila Healthcare has clarified that the reports of plans to sell two of its divisions is a speculative one.  

PI Industries: PI Industries completes acquisition of lsagro Asia.

NHPC: Unit 2 of Bairasiul Power Station (180 MW) is tested and commissioned after completion of renovation and modernization works.

RITES: The board of directors of RITES has declared an interim dividend of Rs 6 per share of paid up share capital.

PSP Projects: The company has emerged as the L-1 Bidder for development and beautification of Shri Kashi Vishwanath Dham at Varanasi, Uttar Pradesh, with bid value of Rs 339 crore (excluding taxes).