Index trend and stocks in action: December 27, 2016

Post a day’s breather, the Nifty resumed its southward journey posting nearly a per cent loss at the start of the week itself. Nifty opened the session on a negative note, gave a sharp descent in the morning session itself and thereafter traded sideways for the rest of the day. Nifty just hit below the crucial resistance turned support level of 7900-7920. However, it managed to hold on to its crucial support level of 7900 on a closing basis.Now going forward, if Nifty breaches the mentioned support on a closing basis, we can expect 7810 followed by 7760 to be the next support levels for the Nifty. However, as the Stochastic and RSI have touched the oversold zone, we may see the Nifty taking support at current levels and giving reversal from here on. In that case, we may see re-test of 7970, and if it sustains above level of 7970, it’s likely to prolong its momentum on the upside up to levels of 8050.Lupin: The company informed exchanges that it has received tentative approval for its Olmesartan Medoximil tablets from the US regulator. The approved drug has a market of USD 1.06 billion as of September 2016.Sasken Communications: The company informed the stock exchanges that the shareholders of the company have approved the buyback of equity shares of the company at a price of Rs 410 per share.

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