BSE Sensex and Nifty 50 have been set to open in green on Tuesday, as SGX Nifty gained additional. Nifty futures have been trading 41.5 points or .23 per cent up at 17897 on Singaporean Exchange. Chartists say that the Nifty 50 index has formed a double major formation which indicates short-term weakness. However, the brief-term trend is nonetheless positive. “For day traders, the 17900 level could be the immediate hurdle, and below the same the correction wave could continue up to 17750-17710 levels. On the flip side, if the Nifty moves above 17900, the uptrend continuation formation is likely to continue up to 17950-18000 levels,” Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities, stated.
Stocks to watch
BPCL: Bharat Petroleum has drawn up plans to invest more than Rs 1 lakh crore in the next 5 years, as the country’s second-biggest fuel retailer shifts focus towards petrochemicals, renewables, electric mobility and other option fuels.
Vodafone Idea: The promoters of Vodafone Idea – Vodafone Plc and the Aditya Birla Group – have assured the government that they would place equity capital into the corporation, officials in the Department of Telecommunications (DoT) told FE. The officials stated the corporation executives have conveyed they intend to invest about Rs 10,000 crore in the corporation.
RBL Bank: The Reserve Bank on Monday imposed a penalty of Rs 2 crore on private lender RBL Bank for deficiencies in regulatory compliances and non-compliance of the provisions of the Banking Regulation Act.
Finolex Cables: Even as proxy advisory firms have flagged corporate governance problems at Finolex Cables and also advised shareholders to vote out 3 directors at the annual basic meeting slated for Tuesday, the corporation publicly accused Prakash Chhabria, the cousin of Deepak Kisandas Chhabria, of instigating shareholders and building the controversy.
ZEEL: Sebi on Monday confirmed its earlier directive passed against 5 persons wherein they have been barred from the securities industry for indulging in insider trading in the scrip of Zee Entertainment Enterprises Ltd.