Stocks in Focus: Today the focus will be on these stocks including Reliance, SBI and Infosys.
Stocks in Focus: The domestic equity market declined on Wednesday, a day before the weekly F&O expiry. According to Nagraj Shetty, Technical Research Analyst, HDFC Securities, a small positive candle formed on the chart with minor upper and lower shadows at the bottom. Technically, this pattern indicates the formation of a high wave-type candle pattern. Usually this type of pattern is formed after a weak alert as a trend reversal signal. However, the trend reversal is yet to be confirmed on the charts. Nifty 50 is facing resistance at the level of 17500 and then at 17650 and it is getting support at the level of 17200. Reliance, ITC, Infosys, HDFC, Natco Pharma, SBI and Mold-Tech Packaging will be the focus during business today.
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Today focus will be on these stocks
- ITC: From cigarettes to hospitality company ITC’s first analyst meeting was held. Although the company has not shared any information regarding the divestment (de-merger) of its business, but has not ruled out any such possibility.
- HDFC: Housing Development Finance Corporation (HDFC) has attached 50 lakh shares of Ansal Housing. HDFC has taken this step to recover the dues.
- Natco Pharmaceuticals: Natco Pharma has informed that it has bought stake in Dash Pharma LLC of America through one of its subsidiaries. The deal is worth $18 million.
- Reliance: The solar unit of Reliance Industries, the country’s largest company in terms of market capital, has got approval from the Competition Commission for acquisition in the giant renewable company. Reliance’s subsidiary Reliance New Energy Solar Limited got approval from the Competition Commission of India (CCI) to acquire Sterling & Wilson Renewable Energy Limited on Wednesday.
Reliance’s solar unit will buy stake in this giant company, CCI approves acquisition
- State Bank of India: The country’s largest bank State Bank of India (SBI) has announced on Wednesday (December 15) that it has got approval to reduce stake in SBI Mutual Fund. According to the information, SBI has got approval from the board to reduce 6 percent stake in SBI Mutual Fund through Initial Public Offering (IPO). However, it is yet to get regulatory approval. SBI can proceed on this only after getting regulatory approval.
SBI gets approval to reduce stake in mutual fund unit, will sell 6% holding through IPO
- Mold-Tek Packaging: Mold-Tek Packaging has informed that the company’s QIP committee has agreed to approve the opening of QIP at a floor price of Rs 722.4 per share.
Advice to bet on these stocks in intra-day
According to Reliance Securities, the focus will be on Hindustan Petroleum, Motherson Sumi and Syngene International in intra-day today.
- HINDPETRO: In the price range of Rs 295- 298, you can take a long position with a target price of Rs 312 and a stop loss of Rs 292.
- MOTHERSUMI: In the price range of Rs 217- 219, you can take a long position with a stop loss of Rs 215 at the target price of Rs 228.
- SYNGENE: You can take a long position in the price range of Rs 600-603 with a target price of Rs 623 and a stop loss of Rs 593.
(The stock recommendations given in the story are those of the respective research analysts and brokerage firms. Financial Express Online takes no responsibility for the same. Investments in capital markets are subject to risks. Please consult your advisor before investing.)
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