Nifty futures fell 14 points to 17,085.50 on Singaporean Exchange, indicating a unfavorable get started for BSE Sensex and Nifty 50 on Thursday, a day of weekly F&O expiry. Today’s weekly expiry may well maintain the stock markets choppy. Investors will watch stock-distinct development, rupee movement, oil costs and other worldwide cues. Analysts say Nifty has formed a bearish candle which indicates that profit booking at larger levels could continue in the close to future. “However, the medium-term trend remains bullish. As the rally has been overstretched, markets may witness narrow range activity. For the trend following traders, the 16980-16950 level would be the key level to watch out for. On the flip side, 17150-17200 could act as an intraday resistance level. In case of intraday correction, contra traders can take a long bet near the support level of 16950 with a strict 35 points stop loss,” Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities, stated.
Stocks to watch
Axis Bank: The Reserve Bank of India (RBI) on Wednesday, imposed a monetary penalty of Rs 25 lakh on Axis Bank for violation of guidelines, the central bank stated. The regulator cited contravention of/non-compliance with specific provisions of directions issued by RBI contained in the Reserve Bank of India – (Know Your Customer (KYC)) Direction, 2016.
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Coal India: The Union coal ministry stated that Coal India (CIL) has initiated the method of retrofitting liquefied organic gas (LNG) kits in its dumpers, which will enable it to reduce diesel fees. CIL utilizes more than 400 million litres of diesel per annum, with an annual expense of more than Rs 3,500 crore.
Sun Pharma Advanced Research Company: SPARC has received board approval to raise up to Rs 1,800 crore. SPARC got the board’s approval to raise the funds by way of numerous modes like issuance of equity, convertible warrants, preference shares, bonds and debentures.
SBI: State Bank of India has raised Rs 4,000 crore of the Basel- compliant Additional Tier 1 (AT1) bonds. SBI raised the quantity at a coupon price of 7.72 per cent.
Kotak Mahindra Bank: With the execution of a Share Purchase Agreement by Kotak Mahindra Bank, for sale of 20 crore equity shares (8.57% shareholding on a completely diluted basis) of Airtel Payments Bank Limited to Bharti Enterprises Limited.