Stocks in Focus: Today the focus will be on these companies including Reliance, Shalimar Paints, Nazara and Bajaj Auto.
Market Outlook: Domestic benchmark index Nifty 50 slipped by touching the level of 18350 on Tuesday and according to brokerage firm Reliance Securities, it has formed a bearish engulfing pattern on the daily chart. With this sharp decline major technical indicators are showing sell signals on short-term timeframe charts and near term indicators are also negative. In the current circumstances, there are signs of decline in Nifty. In the lower side, it is getting support at 18100-18050 zone and then at 17900. If the market gets support and it picks up, then the level of 18350 will prove to be important. Talking about individual stocks, today the focus will be on companies like Reliance, ICICI Pru Life Insurance Company, Bajaj Finance, Shalimar Paints, Nazara Technologies, Bajaj Auto, ICICI Lombard, L&T Infotech, Tata Communications and Tata Investment. Whereas experts have bet on Axis Bank, ICICI Lombard and Amara Raja Batteries in intra-day.
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Focus on these stocks today
- Reliance: Mukesh Ambani-led Reliance Retail has bought a 54 per cent stake in domestic robotics company Adverb for USD 132 million (about Rs 983 crore). Adverb Technologies will continue to operate independently and the funds from Reliance will be used to expand the business abroad and set up a large robot manufacturing plant in Noida. The company already has a manufacturing plant in Noida, where about 10,000 robots are made every year.
Reliance Retail buys 54% stake in robotics startup Addverb Tech, deals for Rs 983 crore
- ICICI Prudential Life Insurance Company: The profit in the third December 2021 quarter of the current financial year 2021-22 increased from Rs 305.55 crore to Rs 310.62 crore on a year-on-year basis. At the same time, the premium income of ICICI Prudential Life Insurance Company also increased from Rs 8970.84 crore to Rs 9073.97 crore on a year-on-year basis.
- Bajaj Finance: Bajaj Finance’s net profit (profit after tax) grew 85 per cent year-on-year to Rs 2125 crore in the December quarter. Net income from interest also increased by 40 percent to Rs.6 thousand crore.
- Shalimar Paints: Infra Market’s parent company Hela Infra Markets will invest Rs 270 crore in Shalimar Paints. This investment will be through equity and debentures.
- Nazara Technologies: Nazara Technologies, a gaming and sports media company invested by Rakesh Jhunjhunwala, will buy 55 percent stake in programmatic advertising and monetization company Datawrkz through an investment of about Rs 124 crore. Najara said that this stake will be bought in two phases. 33 percent stake will be acquired in the first phase and the remaining 22 percent in the second phase.
Big announcement of Rakesh Jhunjhunwala’s favorite Nazara Technologies, will buy 55% stake in ad tech company Datawrkz
- Alok Industries: Alok Industries reported a loss of Rs 0.09 crore in the December 2021 quarter as against a loss of Rs 35.12 crore in the December 2021 quarter. At the same time, the revenue also increased from Rs 1201.80 crore to Rs 2129.60 crore on an annual basis.
- Results of these companies today: Today the results of many companies including Bajaj Auto, ICICI Lombard, L&T Infotech, JSW Energy, Aptech, Seat, Orient Green Power Company, Nelco, Rallis India, Saregama India, Tata Communications, Tata Investment and Oracle Financial will be announced.
You can bet on these stocks in intra-day
According to Reliance Securities, today you can bet on Axis Bank, ICICI Lombard and Amara Raja Batteries in intra-day.
- AXISBANK: In the price range of Rs 717- 712, you can take a long position with a target price of Rs 734 and a stop loss of Rs 704.
- ICICIGI: In the price range of Rs 1,422- Rs 1,410, you can take a long position with a stop loss of Rs 1,390 at the target price of Rs 1,470.
- AMARAJABAT: In the price range of Rs 653- 657, you can take a long position with a target price of Rs 632 and a stop loss of Rs 667.
(The stock recommendations given in the story are those of the respective research analyst and brokerage firm. 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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