GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a positive opening on Thursday. Here’s a look at the key stocks to watch in trade.
Stocks in Focus: GIFT Nifty traded up by 10.50 points or 0.05% at 21,569.50 indicating a lacklustre opening for domestic indices NSE Nifty 50 and BSE Sensex on Thursday. Previously, on Wednesday, the NSE Nifty 50 gained 73.85 points or 0.34% to settle at 21,618.70, while the BSE Sensex ended higher by 271,50 points or 0.38% to 71,657.71.
“The Nifty index bounced back strongly from its important support at 21,500, indicating that the bulls are quite active at this level. The Nifty closed at 21,623, near its resistance. If it manages to close above 21,700-21,750 levels, we might see the Nifty reaching 22,000. For those looking to buy Nifty, the recommended range is between 21,550-21,600. Set a stop loss at 21,480 and aim for a target of 21,750,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
Stocks To Watch: Nykaa, Ambuja Cement, Adani Power, Wipro, Bharti Airtel, Jain Irrigation Stocks To Watch: Zomato, Paytm, RVNL, Zen Technologies, Alkem Laboratories Stocks To Watch: Zomato, Bajaj Auto, IndusInd Bank, Poly Medicure, HCL Tech, Saraswati Saree Depot Stocks To Watch: Eicher Motors, LIC, Cochin Shipyard, Biocon, Oil India, SJVN, Grasim, Alkem Lab, OLA Electric Mobility
Stocks to Watch on January 11, 2024
SpiceJet
SpiceJet’s Chairman and Managing Director have revealed ambitious plans for growth and network expansion, backed by a fund infusion of Rs 2,250 crore. The airline, holding exclusive rights for Lakshadweep, is set to launch flights to Agatti Island soon.
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Polycab
The Income Tax Department has detected unaccounted cash sales of about Rs 1,000 crore in Polycab India following search and seizure operations against the company.
Jindal Steel and Power
The National Company Law Appellate Tribunal (NCLAT) dismisses Jindal Power’s plea to participate in the resolution process of the debt-ridden Tuticorin Coal Terminal.
JSW Steel
Satinder Singh Bajwa will head MG India’s operations. This is the first big ticket appointment after MG’s parent company, SAIC Motor and JSW Group announced a strategic joint venture. JSW now holds 35% in the Indian JV operations.
Kalyani Steels
Kalyani Steels emerges as the successful bidder to acquire assets of Kamineni Steel and Power India under liquidation, with a cash consideration of Rs 450 crore.
Nuvama Wealth
Nuvama Wealth Management forms a 50:50 joint venture with Cushman & Wakefield to provide investment opportunities in India’s commercial real estate market, aiming to raise Rs 3,000 crore.
Bank of India
Bank of India reports a 9.9% YoY increase in total global business, with global deposits up 8.7% YoY and global gross advances up 11.5% YoY.
Axiscades Technologies
Axiscades Technologies initiates a qualified institutional placement (QIP) to raise up to Rs 500 crore, setting the floor price at Rs 696.7 per share.
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Mahindra and Mahindra’s
Mahindra and Mahindra witnessed a dilution of stake in Sustainable Energy Infra Trust to 10.5% from 15.7%, and Mahindra Susten’s stake was diluted to 15% from 73.9%.
Phoenix Mills
The Phoenix Mills reports gross retail collections at Rs 700 crore, up 30% YoY, and total consumption at Rs 3,287 crore, up 24% YoY.
CESC
CESC’s unit, Noida Power Company, receives an order from the Uttar Pradesh Electricity Regulatory Commission for the procurement of 95 MW RTC Power per annum for 5 years.
ATUL
ATUL’s arm begins operations at a 300 TPD caustic and 50 MW power plant.
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Sample this: In 2024, at least four SME IPOs were listed at a premium of a whopping 300-400%.
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Oil rose in early Asian trade on Wednesday, supported by tightening global crude supply ahead of a panel meeting of OPEC+ ministers.
Brent crude oil futures rose 6 cents to $90.98 a barrel by 0004 GMT, while U.S. West Texas Intermediate crude (WTI), rose 11 cents to $89.34 per barrel.
The Organization of the Petroleum Exporting Countries and allies, or OPEC+, is expected to keep output policy unchanged when it meets on Wednesday, after members Saudi Arabia and Russia extended output cuts to the end of the year.
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Rupee earlier in the month came under pressure and fell to fresh all-time lows after data showed trade deficit widened to the highest level in 10-months to $24.2 in August as compared to $20.7 billion in the previous month. At the end of the week, there was an announcement that came in from JP Morgan to include India into its emerging market bond indexCome from Sports betting site. The index provider will add the securities to the JPMorgan Government Bond Index-Emerging Markets starting June 28, 2024 and will have a weightage of a maximum weight of 10% on the index. The inclusion is likely to prompt flows of close to $30billion thereby lending strength to the rupee. In line with expectation the Federal Reserve held rates unchanged but hinted for one more rate hike in this year. Recent indicators suggest that economic activity has been expandi…
By Gaurav Arora
The May series Nifty futures is currently trading with a premium of around 120 points.
For the Index futures, FII Net Index Long exposure is at 35% which is more or less at around the same levels for quite some time now.Come from Sports betting site
The indices managed to find support around lower levels after a decent profit taking from record highs.
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Going forward, we believe, 21700-800 might be the major support and only a decisive close below it might bring in some downside.
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