Market Outlook: New Year’s trading boom came to a halt a trading day ago and both Sensex and Nifty indices closed with a fall of one per cent on the weekly F&O expiry day. The fall in foreign markets had also affected the domestic market here due to signs of a hike in interest rates ahead of expectations from the recent meeting of the US Fed Reserve. Technical analysts say that after a sharp decline in intra-day Nifty got support at 17650/59300 but it could not cross the resistance level of 17800/59800. The domestic index is forming a hammer-like candlestick pattern on the daily chart, indicating a weakening trend in the near term.
According to Shrikant Chauhan, Head of Equity Research (Retail), Kotak Securities, volatility remains in the market and this situation will continue for the coming few trading days. Talking about individual stocks, today the focus will be on stocks like Reliance, Titan, HCL, Adani Enterprises, Colgate and Workhard during trading.
Today focus on these stocks
Reliance Industries Ltd: Mukesh Ambani-owned Reliance on Thursday informed that it has raised $ 400 million (Rs 29.75 thousand crore) through the country’s largest ever bond issuance program. This bond was oversubscribed almost three times. Apart from this, Reliance has informed on Thursday that its retail unit Reliance Retail has bought 25.8 percent stake in e-commerce company Dunzo. This deal has been done for about $ 200 million (Rs 1487.57 crore). After the agreement, both companies said in their statement that Dunzo has recently raised $ 240 million (Rs 1785.08 crore) through a funding.
Wockhardt: This pharma company informed on Thursday that its board has approved raising up to Rs 1 thousand crore through rights issue. This money will be used for debt servicing of the company, financing R&D and general corporate purposes.
Sterling And Wilson Renewable Energy: Shapoorji Pallonji & Company on Thursday informed about the sale of 1.84 crore shares of Sterling & Wilson Renewable Energy to Reliance New Energy Solar. After this sale, Shapoorji Pallonji & Co’s stake in Sterling & Wilson Renewable Energy stood at 33.06 per cent.
Titan Company: Tata Group company Titan reported a 36 per cent increase in demand in the last festive quarter October-December 2021.
Adani Enterprises, NTPC: Adani Enterprises has won the contract to supply coal to NTPC. However, this Adani Group company said on Thursday that 1 million tonnes of coal will be supplied under the contract, which is very less.
Colgate-Palmolive: The ongoing tug of war between the traditional distributors and Colgate-Palmolive has calmed down for the time being. Colgate-Palmolive has informed about the meeting with the representatives of All India Consumer Products Distributors Federation.
HCL Technologies: IT giant HCL has completed the acquisition of 51 per cent stake in German IT consulting company Gesellschaft für Banksystem.
Anand Rathi Wealth: The company has declared an interim dividend of Rs 5 per equity share for the financial year 2022.
You can bet on these stocks in intra-day
According to Reliance Securities, today you can bet on Grasim, IPCA Lab and M&M Finance in intra-day.
- GRASIM: In the price range of Rs 1735- Rs 1750, short positions can be taken with a target price of Rs 1690 and a stop loss of Rs 1765.
- IPCALAB: In the price range of Rs 2110- Rs 2130, you can take a long position by placing a stop loss of Rs 2090 at the target price of Rs 2230.
- M & MFIN: One can take long positions in the price range of Rs 151-154 with a target price of Rs 162 and a stop loss of Rs 149.