SGX Nifty was trading flat on Friday morning, hinting at a muted opening for domestic benchmark indices. Today marks the get started of the December series contracts and analysts are hopeful that Nifty could move larger from right here. “The formation of the reversal pattern of Wednesday (bearish engulfing) seems to have not been confirmed, as Nifty bounced back sharply in the subsequent session. This market action could open Nifty to move towards the recent all time high of 13145 levels in the near term. Important support is placed at 12800 levels,” stated Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Although the all round sentiment remains good with optimism about vaccine improvement and the transition at the White House, profit booking has not been ruled out. “Technically, Nifty has to hold above 12900 to witness a bounce towards 13150-13250 levels while the support exists at 12800. Globally, investors would watch out for developments over stimulus announcements from the new US government. On the domestic side, investors would await Q2 GDP data which is expected to improve QoQ, led by increased economic activity,” stated Siddhartha Khemka, Head – Retail Research, Motilal Oswal.
Mahindra & Mahindra: The firm announced that Mahindra Holdings Limited, a wholly owned subsidiary of the Company, has agreed to sell its complete stake in Mahindra First Choice Services Limited to TVS Automobile Solutions Private Limited.
FMCG stocks: India’s FMCG sector has displayed indicators of recovery in the July-September quarter, according to a report by Nielsen. Rural India continues to develop swiftly whilst larger cities played catch-up.
Lakshmi Vilas Bank: The troubled private sector bank will go off the stock exchanges nowadays right after its merger with DBS Bank India comes into force. Lakshmi Vilas Bank will also be writing down Tier-2 binds worth Rs 318 crore, it informed the bourses yesterday. Shares of the bank have gained in the final two trading sessions.
DHFL: Kapil Wadhawan, the co-founder of Dewan Housing Finance Corporation has moved an application at National Company Law Tribunal (NCLT), Mumbai, requesting to defer consideration of bids. He has urged NCLT to direct CoC to take into account his resolution strategy as the existing bids have been also low.
Yes Bank: The private sector bank got a nod from the Supreme Court yesterday to auction agricultural land that former Fortis Healthcare promoters Malvinder Singh and his brother Shivender Singh had presented as collateral against a loan of Rs 1,065 crore taken involving 2015-16.