Index trend and stocks in action November 30, 2018

The NSE benchmark Nifty had a fabulous start to the day and maintained its gaining momentum throughout the session to end above 10,850 mark. The price action formed a bull candle with a gap-up opening. Nifty finally managed to cross the major hurdle of 10,740-10,780 convincingly. 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. However, the breach of this resistance will allow the index to scale towards the level of 10,980-11,000. On the flip side, the gap area which has been formed on 29 th  November 29 (10,758-10,782) is likely to act as support for the index. The 14-period RSI has closed above the 60 mark and has marked a fresh 14-period high, which is positive. 

Sun Pharmaceutical Industries: The company has clarified on a news item captioned ‘Governance cloud over Sun’ that there is no material impact of the said news on the company. 
  
Asian Oilfield Services: The company has received a letter of award of contract from Oil and Natural Gas Corporation Limited for hiring of services for 2D seismic data acquisition in unappraised on land areas of sedimentary basins of India Sector 11A (Himalayan Foreland area) valued at Rs.27.65 crore . 
  
Vodafone Idea: CRISIL has downgraded its rating on the non-convertible debentures of Rs 6,000 crore . 
  
Bharat Financial: Bharat Financial completed the sixth securitisation transaction of Rs 289.14 crore in FY19. With this transaction, the company has completed a total of six securitisation transactions worth Rs 2,842.17 crore in FY19.  
  
Hindustan Unilever: The company has clarified on news items captioned ‘Unilever nears deal to add Horlicks to its mix’ that the company is bound by the confidentiality obligations at this point in time.  
  
Inox Leisure: The board has  approved issue of 64 lakh equity shares at a price of Rs 250 each, aggregating to Rs 160 crore to Gujarat Fluorochemicals, the  promoter of the company. 
  
ITI: The  Cabinet Committee on Economic affairs (CCEA) has approved measures for procurement quota to the company in procurements made by BSNL, MTNL and BBNL.