Stocks in Focus: During the business today, there will be focus on stocks like Wipro and Adani Enterprises.
Stocks in Focus: On the first trading day of this week, there was a sharp decline in Nifty 50 and it had fallen to a low of about 4 months in intra-day. At the end of the day, Nifty closed at 16614 with a fall of 371 points. According to Reliance Securities, Nifty is likely to remain under pressure. Most of the moving averages on the Overly timeframe chart are on the downside while technical indicators are now giving positive signals by touching the oversold zone. Although most of the technical parameters are looking in favor of the bears on the near term and short term timeframe charts, in such a situation further downside in the market cannot be ruled out. Nifty can slip to the level of 16410 and then 16255. However, if Nifty turns strong then it may face resistance at 16840-17000 levels.
Talking about intra-day, Nifty is getting support at 16403 and then 16192 while it may have to face strong resistance at 16833 and then 17051 levels. During trading today, the focus will be on stocks like CE Info Systems, Shriram Properties, Wipro and Adani Enterprises. On the other hand, HUL, Dr Reddy’s and Kotak Bank can bet in intra-day.
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Advice to bet on these stocks in intra-day
According to Reliance Securities, today you can bet on HUL, Dr Reddy’s and Kotak Bank in intra-day.
- HINDUNILVR: You can take long positions in the price range of Rs 2,242- Rs 2,230 with a target price of Rs 2300 and a stop loss of Rs 2201.
- DRREDDY: In the price range of Rs 4,532- 4,500, you can take a long position by placing a stop loss of Rs 4430 at the target price of Rs 4675.
- KOTAKBANK: In the price range of Rs 1,765- 1,775, short positions can be taken with a target price of Rs 1695 and a stop loss of Rs 1795.
Keep an eye on these stocks
- CE Info Systems (MapmyIndia): Today there is a listing of shares of digital mapping company MapmyIndia. Its IPO of Rs 1039.6 crore was subscribed 154.71 times. This IPO was open for subscription from 9-13 December. Most of the market experts had advised to subscribe to it.
- ShriRam Properties: The listing of Shriram Properties, one of South India’s leading residential real estate development companies, disappointed IPO investors. On Monday, its shares were listed at a price of about 20 percent discount of Rs 94 against the issue price of Rs 118 today (December 20). Although it strengthened a bit as the business progressed, it is still at a discount to the issue price. On Monday, it closed at Rs 102.90 on NSE and Rs 104.50 on BSE.
- Wipro: The giant IT company will acquire Texas-based company Edgile. This will strengthen the company’s position in strategic cybersecurity services.
- Adani Enterprises: Adani Enterprises has received Letter of Awards from Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) for three greenfield Ganga Expressway projects – Group 2, 3 and 4 on toll basis from Budaun to Prayagraj.
(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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