Markets succumbed to selling pressure on Monday with selling seen across the sectors and Nifty surrendering below crucial support of 17030. The Nifty Non IT Index has re-activated the breakdown of rising wedge thus opening space of 28% downside in the near term. Immediate target for Nifty is seen at 15100 in the coming days while Bank Nifty is likely to trigger selling below 36710 which turns out to be 200 DMA. Adding to it, the volumes contracted to Rs 55000 crores in yesterday’s trade compared to avg volumes of Rs 80000 crores. Low volumes provide confirmation of extended decline as volumes dry down indicates lack of buying from counterparty.
Nifty 50 Index & Nifty Non IT Index
Stocks in news
Tata Motors- to increase prices by 2.5 pct from Jan 1, 2022.
Hindalco, Vedanta in focus- imposition of anti- dumping duty on select aluminium products.
Dr. Reddys- RDIF says Sputnik Light to be authorised soon in India.
HFCL- QIP opens at floor price of Rs 72.33 a sh.
Nalco and Hindustan Copper – The disinvestment department is expected to soon seek cabinet clearance for the strategic sale of National Aluminium Co Ltd and Hindustan Copper, according to reports- positive
HCL Tech announced plans to create 12,000 new jobs in the United States in the next five years. The company expects to recruit more than 2,000 graduates over the next 36 months – positive
IEX achieved 9,477 million units volume in November 2021, up 54% YoY. This comprised 6,333 million units in the conventional power market, 457 million units in the green power market and 2,687 MU in the certificate market comprising ESCerts and REC. – Positive
Indo Count Industries to acquire Home Textile business of GHCL. The overall consideration for acquisition of Home Textiles Business is Rs. 539 crores on a debt and cash free basis of which fixed consideration is Rs. 340 crores and balance Rs. 199 crores is towards net realizable current assets – Positive for Indo Count and GHCL (exit non-core business)
Wipro and Celonis, the global leader in execution management, today announced the launch of the Supply Chain Command Center to help organizations drive supply-chain transformation. – positive
Tata Elxsi recognized as a ‘Leader’ and specialized ER&D Service Provider across multiple industries in Zinnov Zones 2021 annual ratings – positive
IndiGo – In a bid to implement the arbitral award in the feud between its two promoters, InterGlobe Aviation, the parent of IndiGo Airlines, has issued a notice saying an extraordinary general meeting will be held on Dec. 30, 2021. The agenda of the EGM is to remove share transfer restriction articles from the company’s articles of association – positive
Godrej Properties: The company has entered into a JV with TDI Group to develop a luxury residential project in Delhi. – positive
NMDC Fixes December 15 As Record Data For Payment Of Rs 9.01 Per Share Interim Dividend For FY2021-22
Inox Wind – Inox Green Energy Services Approves Fund Raising Via IPO – Inox Green Energy, a unit of Inox Wind, will seek to raise as much as Rs500cr selling new shares in an initial public offering it plans.- positive
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