Markets extended gains with Nifty closing above 20,900 on the back of surge in Nifty IT index which was up by more than 1.5% while profit booking was seen Nifty Bank. The daily RSI in Nifty 50 Index has reached extreme overbought zone to record high levels of 84 on back of short covering in Nifty Call options and with India VIX closing above 13.5. The risk of quick reversal in the coming days in not ruled out. In Sensex terms, resistance is seen in the range of 70,200-70,500 where the current rally is likely to cool off in the coming days and any close below 68,411 should confirm a major reversal.
Sensex 30 Chart
Stocks to watch
Positive Read through
- Dr Reddy’s – Agreement with Coya Therapeutics, to make USD 7.5 mn upfront payment.
- BEL – Bags orders worth Rs. 5.80 bn from Indian Army for amc of radars.
- IDFC First bank – Srcs say, Warburg Pincus to sell 1.3 pct via block, floor price Rs. 85.70/sh.
- TV18/Network 18 – TV18 Shareholders to get 100 Network18 shares for 172 in company.
- Rites – Signs Mou with MIDC to boost multi-modal logistics projects.
- Brigade Ent – Signs agreement for a premium office space in Bengaluru.
- SpiceJet – Board meet on December 11 to consider fund raise via Pref issue.
- HCL Tech – Company partnership with Husqvarna Group for digital transformation.
- Aviation Stocks – Airlines to retain USD 5.45 on average for every passenger carried.
- M&M – Will raise prices of its passenger and commercial vehicles from January 2024.
- Coal India – To use popular Japanese technique to increase forest cover in Chhattisgarh.
Negative Read through
- Bharti Airtel – Warburg Pincus to raise USD 211 mn via block deal.
- Paytm – To expand higher ticket loans; analysts cautious on disbursement run-rate.
- Ongc,Oil – Crude declines for 5th straight day, brent below USD 75/bbl.
- Ircon – Government to sell 8 pct stake via OFS, floor price at Rs.154/sh.
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