Profitable Equity Trading Tips & Fundamental Views
Stock Market News and Analysis:
Equity benchmarks ended near day’s high level with Nifty ended above 11,650 level. Among sectors, FMCG and PSU bank witnessed some selling pressure, while metal, IT, energy, infra and auto ended higher. Nifty closed at 11665.95 and for coming session its key support is at 11560 while on higher side its key resistance is at 11765.
Headlines for the day:
- Jet Airways lenders stated they would invite bids for selling the stake in the airline on April 6 as part of a time-bound resolution plan.
- Polycab India Initial Public Offering opens, price band at Rs533-538 per share open for sale. Offer closes on April 9.
- Zensar Technologies share prices surged 4% after commencing operations in Maxico.
- Balrampur Chini Mills hit a 52-week high after the company’s board approved share buyback at Rs175 per share through a tender offer. The board of directors of the company has approved the buyback of 8.44 millionn equity shares, representing 3.69% of total equity of the company, at the price of Rs175 per share on a proportionate basis through the ‘tender offer.
- Metropolis Healthcare Ltd (the company), one of the leading diagnostics companies in India, was subscribed 1.17% on the last day of the issue. The initial public offer (IPO) has received bids for 35.73 lakh shares and the issue was subscribed 0.47 times on day 2, as per NSE data. The price band for the offer is Rs877-880 per equity share
- NTPC Limited stated that it has signed a term-loan agreement with Canara Bank to raise Rs 2,000 crore, which would be used to part finance its capital expenditure. A term loan agreement for Rs 2,000 crore was inked with Canara Bank on April 5, 2019.
- JSW Steel Limited share prices were trading higher after the board of directors approved raising of long term funds. Accordingly, the company will raise funds via the issuance of non-convertible foreign currency/rupee denominated senior unsecured fixed rate bonds upto $1billion, in one or more tranches, in the international market(s) either by the company or by any of its overseas subsidiaries backed by corporate guarantee of the company.
- Cipla Limited stated that it has got an establishment inspection report from the US health regulator after inspection of its Goa facility. The US Food & Drug Administration had inspected the Goa manufacturing facility from January 21-28, 2019.
- Godrej Properties Limited informed that the company has raised its equity stake in Wonder Space Properties Private Ltd from 25.1% to 96.03% by acquiring equity shares from Shubh Properties Cooperatief U.
- Titan Limited’ssales grew 21%, and Jewellery segment increased 22% for FY19, in-line with expectations. The company stated that it is targeting growth of 20% for 2019-20 despite muted outlook for the economy.
- Calls for Tomorrow :
- CALL: BUY TATASTEEL EQ ABOVE 552.70 TARGETS 558.25/563.75/569.30 SL 547.15
Description: Stock heading towards its immediate resistance on daily chart settled with bullishly bias. Hence breakout is expected ahead.
- CALL: BUY BSOFT EQ ABOVE 104.50 TARGETS 105.55/106.60/107.65 SL 103.45
Description: Stock heading towards its key resistance on daily chart and settled with bullishly bias. Hence rally is expected above the mentioned level.