Nifty futures had been ruling at 17,418, up 27 points or .16 per cent on Singaporean Exchange on Wednesday, suggesting a positive start off for BSE Sensex and Nifty 50. Investors will eye brent crude oil, stock-precise action, rupee movement against the US dollar and other worldwide cues. “The range-bound action continued in the market and this action could hint at a possibility of a minor upside breakout of sideways range in the short term. The upper area of 17500-17600 is expected to be a crucial overhead resistance and one may expect profit booking emerging from the new highs. The immediate support is placed 17260,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities, mentioned.
Stocks to watch
Zee Entertainment Enterprises: Ace investor Rakesh Jhunjhunwala’s Rare Enterprises Ltd and BofA Securities Europe SA on Tuesday purchased shares of Zee Entertainment Enterprises worth more than Rs 225 crore via open market place transactions. Rare Enterprises purchased 50 lakh scrips at Rs 220.44 per share via bulk deal transactions on NSE. BofA Securities Europe SA bought 48.65 lakh shares at an typical price tag of Rs 236.2 apiece.
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HCL Tech: HCL Technologies has expanded its partnership to drive digital transformation across South Korea and Taiwan. As component of the engagement, HCL will use its next-generation digital transformation and service capabilities to bring two of Finastra’s strategic solutions, Fusion Cash Management and Fusion Summit, to the economic services ecosystem in the area.
Ami Organics: Vanaja Sundar acquired 5 lakh shares of the newly-listed Ami Organics at Rs 910 per equity share and Vanaja Sundar Iyer purchased 4 lakh shares at Rs 909.97 per share on the NSE, the bulk offers information showed.
Jindal Steel and Power: CRISIL has upgraded Jindal Steel & Power’s rating from ‘A’ with ‘stable’ outlook to ‘A+’ with ‘Positive’ outlook on the lengthy term bank facilities and from “A2+” to “Al+” for quick term bank facilities.
Hindustan Aeronautics Ltd: HAL and Rolls-Royce have signed an agreement for Make-in-India Adour engine components to assistance Rolls-Royce’s international defence consumer base. Through this partnership, Rolls-Royce aims to strengthen the ecosystem for Adour engines in India by developing on HAL’s current capabilities for manufacturing and supporting the Adour engines for Indian buyers more than various decades.