Nifty futures turned positive and had been trading 26.50 points up at 17,286 on Singaporean Exchange, indicating a gap-up commence for BSE Sensex and Nifty 50. Benchmark indices are most likely to hit fresh record highs in today’s session. Investors would react to the Services PMI information for August, due to be announced today. “The intraday rally on Thursday indicates further uptrend from the current levels but the market has formed a double top kind of formation. For the trend following traders, 17150 would be the key support level, and above the same, the uptrend structure could continue up to 17300-17350 levels. On the flip side, if the Nifty slips below 17150, it may trigger a quick intraday correction till 17100-17075 levels,” Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities, mentioned.
Stocks to watch
RIL, Just Dial: Mukesh Ambani-led Reliance Retail on Thursday mentioned it has acquired sole manage of 25-year-old search and discovery firm Just Dial. The firm’s subsidiary Reliance Retail Ventures Ltd had in July announced a deal to obtain a controlling stake in Just Dial for Rs 3,497 crore.
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Wipro, Coal India, Bank of India, Yes Bank, Maruti Suzuki stocks to stay in focus today
IOCL, BPCL, HPCL: Oil advertising providers Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation have been offered the mandate to set up about 12 ethanol manufacturing plants as component of a road map to meet the 20% ethanol blending target by 2025.
Vodafone Idea: Officials of the Department of Telecommunications (DoT) are understood to have held common meetings with senior executives of Vodafone Idea more than the previous handful of days, as the government tries to work out a revival package for the financially distressed telecom sector, the instant beneficiary of which would be the ailing telco.
Coal India: Coal India (CIL) has prioritised provide to energy plants that have stocks to last zero to six days, supplying coal on ‘as is where’ basis via rail-cum-road mode from sources exactly where higher stock is offered. The enterprise has identified 23 such mines carrying 40.3 million tonne (MT) of stock as of August 16.
Adani Green Energy: AGEL has raised $750 million via its maiden ListCo senior issuance beneath the 144A/Reg S format. The format permits issuers to broaden their investor base and to access substantial, extremely capitalised US institutional investors in the private placement market place.
PNB: Punjab National Bank on Thursday urged a tribunal to quash the rescue strategy for defunct debt-laden Jet Airways, alleging irregularities in it, a move that dangers delaying any return of the airline grounded two years ago.
Dr Reddy’s Lab, Natco Pharma: Dr Reddy’s Laboratories and Natco Pharma have launched generic capsules utilised in the therapy of various myeloma and myelodysplastic syndrome patients in the Canadian market place.
Larsen & Toubro: Goodluck India has been awarded Letter of Intent for order worth Rs 198.76 crore by L&T Ltd for the Bullet Train project.