The initial trading session of 2021 could start off on a flat note with a positive bias as Nifty futures on the Singapore Exchange have been trading flat on Friday morning. Dalal Street enters the new year on the back of a record-breaking gaining streak with Nifty 50 just possessing accomplished 14,000 levels in the prior trading session. “The short term trend remains up, but is looking tired. Markets could therefore consolidate in a range for the next few sessions. Short term supports to watch for a trend reversal are at 13864,” stated Subash Gangadharan, Technical and Derivative Analyst, HDFC Securities.
What do the charts say?
On the technical front, the benchmark index has been increasing constantly with Higher Highs & Higher Low formation, which recommend more bullishness for the close to term, according to Sumeet Bagadia Executive Director Choice Broking.
The roll-more than information as well hints at additional gains. “Nifty future has seen Rollover of around 80% on provisional basis which is in line to last month Rollover of 78.68%. Rollover data suggests that positive momentum could continue in coming series as well towards 14500 zones,” stated Chandan Taparia, Derivative & Technical Analyst, Motilal Oswal Financial Services.
Stocks to Watch
Antony Waste Handling Cell: The final IPO of 2020, Antony Waste Handling Cell will make its debut on Dalal Street today. The problem was subscribed 15.04 occasions earlier final month. The Rs 300 crore problem was the 15th IPO fo 2020.
Jubilant FoodWorks: Jubilant FoodWorks, the business that runs the Domino’s Pizza and Dunkin Donuts chain in India, on Thursday stated that has entered into a Share Subscription Agreement and Restated Shareholders’ Agreement to obtain 10.76% stake in BarbequeNation Hospitality Limited for Rs 92 crore.
Reliance Industries Limited: Mukesh Ambani’s Reliance Industries stated that its telecom arm, Jio, will not charge its customers for calls produced to other networks. This will commence today as the IUC regime ends.
IDBI Bank: LIC-controlled IDBI Bank on Thursday, informed the bourses that it has sold a 23% stake in life insurance coverage venture to foreign companion Ageas for Rs 507 crore. The transaction was completed yesterday.
Jindal Steel & Power: The firm on Thursday informed the bourses that the Ministry of Coal declared Jindal Power as the thriving bidder for Gare Palma IV/1 Mine. The firm won the bid at 25% premium of the representative cost.