Nifty futures had been trading 39 points or .22 per cent up at 17,398.50 on Singaporean Exchange, suggesting a positive start out for BSE Sensex and Nifty 50 on Monday. In the preceding session, BSE Sensex surged 277 points or .48 per cent to 58,130, whilst the Nifty 50 index surged to finish at 17,320. Technical analysts say that on each day and intraday charts, Nifty maintains a breakout continuation formation indicating additional uptrend from existing levels. “While the short-term trend remains positive, some profit booking could be in the offing as traders may prefer to book some profits near the 17500 resistance level. For the trend following traders, 17150 and 17000 could be the important support level while on the flip side, 17500 and 17700 could act as an important resistance level for the market,” Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities, stated.
Stocks to watch
RIL: Reliance Strategic Business Ventures (RSBVL), a wholly-owned subsidiary of Reliance Industries Ltd, has acquired a 57.06% stake in Strand Life Sciences for Rs 393 crore in money. The business would also make a additional investment of up to Rs 160 crore by March 2023, rising its total investment to Rs 553 crore. Following this, the company’s stake will rise to about 80.3%, it stated in a BSE filing.
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Reliance Communications: The Supreme Court on Friday sought a response from the government on a plea by ailing Anil Ambani providers — Reliance Communication (RCL) and Reliance Telecom (RTL) — looking for a refund of the excess quantity of more than Rs 104 crore, which allegedly was “illegally and unlawfully” encashed by the DoT against their dues of Rs 774 crore towards the deferred spectrum dues.
Jindal Steel and Power: Industrialist Naveen Jindal-led Jindal Steel & Power (JSPL) received shareholders’ approval to divest its 96.42% stake in its subsidiary Jindal Power (JPL) for Rs 7,401 crore to Worldone (WPL).
Dr. Reddy’s laboratories: The business entered into a definitive agreement with Citius Pharmaceuticals to sell its rights to anti-cancer agent E7777 (denileukin diftitox).
Bank of Maharashtra: Bank of Maharashtra (BoM) is properly poised to cross Rs 3 lakh crore in total small business quickly on the back of the enhanced financial sentiment, a major official has stated. The bank has been a performer in a variety of essential parameters, like deposit mobilisation, credit development, recovery, threat management and so forth, BoM managing director and CEO A S Rajeev told PTI.
Bharti Airtel: Bharti’s rights challenge is credit positive for the business, Moody’s Investors Service has stated as it noted that the fresh capital would maintain the leverage comparatively steady amid 5G investments, ongoing money payments for spectrum and settlement outgo associated to AGR.