Nifty Outlook: The beginning of this week in the Indian equity market was not special and Nifty 50 closed with a fall on the very first day. According to Nagraj Shetty, Technical Research Analyst, HDFC Securities, on Monday, Nifty slipped near the important resistance level of 17550-17600 and formed a negative candle pattern. In such a situation, before the rise in Nifty, there are signs of further decline. If there is a further downside in the market, then it should be seen as a buying opportunity. As per the weekly chart, the long term trend remains negative. Right now Nifty has got support at the level of 17200 and if Nifty goes above it then it may have to face resistance at the level of 17600. Today, the focus will be on stocks like Infosys, Anand Rathi Wealth, Vodafone Idea, Vedanta and Wipro during trading.
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Infosys
Markets regulator SEBI has issued a confirmatory order against Ramit Choudhary, an employee of Infosys and Keyur Maniyar, a former employee of the company linked to him. This order pertains to the insider trading case of Infosys shares. According to the order, Choudhary and Maniyar will not be able to access the securities market directly till the investigation is completed. Earlier in September, Sebi, through an interim order, had barred the duo from trading in the securities market and directed forfeiture of Rs 2.62 crore, wrongly earned. In the confirmatory order, SEBI has informed that this amount has been deposited.
Anand Rathi Wealth
Today is the listing of shares of Anand Rathi Wealth. This stock will be listed on NSE and BSE at 10 am. Its Rs 660 crore IPO received an overwhelming response from investors and was oversubscribed on the very first day. This IPO got 9.78 times subscriptions. According to market experts, investors should book profits at the time of listing as there may be a sharp fall in its shares after listing.
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Vodafone Idea
Telecom sector giant Vodafone Idea has partnered with Hungama Music to stream music to its subscribers for free for a limited period of time. With this partnership, there will be 52 live events within the next one year.
Vedanta
Vedanta Group has informed that it has withdrawn its appeal from the Delhi High Court and the International Arbitration Tribunal in the retrospective tax case of Rs 20495 crore. The company said that the government has made changes in the earlier tax law, due to which this dispute has no meaning now. Let us tell you that Vedanta had bought the Indian unit of Cairn Energy, on which an earlier tax of Rs 20495 crore was reported.
Wipro
IT giant Wipro has launched Wipro VisionEdge (formerly Cisco Vision) to expand into the sports, retail, transportation and entertainment segments. Wipro has informed that Wipro has partnered with Cisco to provide services to customers through the Cisco SolutionsPlus program and the Cisco Global Price List (GPL).
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