Data Patterns, Indian Oil, Tata Consultancy Services, L&T, REC, Adani Total Gas stocks in focus

Domestic equity market benchmarks BSE Sensex and Nifty 50 were expected to open in green on Friday, as suggested by trends on SGX Nifty in early trade.

Data Patterns, Indian Oil, Tata Consultancy Services, L&T, REC, Adani Total Gas stocks in focus
Technical analysts say that Nifty 50 index is trading near the important retracement level and a quick correction is not ruled out, if it trades below 17000. Image: Reuters

Domestic equity market benchmarks BSE Sensex and Nifty 50 were expected to open in green on Friday, as suggested by trends on SGX Nifty in early trade. Nifty futures were trading 71 points or 0.42 per cent up at 17,143 on Singaporean Exchange. In the previous session, S&P BSE Sensex ended 384 points or 0.68% higher at 57,315 while NSE Nifty 50 jumped 117 points or 0.69% at 17,072. Technical analysts say that Nifty 50 index is trading near the important retracement level and a quick correction is not ruled out, if it trades below 17000. “For the traders, 17000 would now be the sacrosanct support level and above the same, the uptrend formation will continue up to 17150-17200 levels. On the other hand, below the psychological 17000 support level, the Nifty could correct up to 16930-16850,” Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities, said.

Stocks to watch

Data Patterns India: Data Patterns India shares will make their stock market debut on Friday, 24 December 2021. The issue price is fixed at Rs 585 per share.

IOC: State-run Indian Oil (IOC) said it is setting up a new crude oil pipeline system with a nameplate capacity of 17.5 million tonne per annum (MTPA) from the port city of Mundra in Gujarat to its Panipat refinery in Haryana.

TCS: Tata Consultancy Services has been selected by la Mobilidre, the oldest private non-life insurer in the Swiss market, as its long-term strategic partner to drive its digital transformation agenda.

L&T Finance Holdings: Foreign lender HSBC on Thursday announced that its asset management arm will acquire L&T Mutual Fund for USD 425 million (about Rs 3,192 crore).

REC: State-owned REC Ltd has signed a pact with KfW Development Bank to avail USD 169.5 million to the power finance sector and renewable energy projects.

Adani Total Gas: State-owned Indian Oil Corporation (IOC) and a joint venture of billionaire Gautam Adani’s gas arm and Total of France — Adani Total Gas Ltd — have bid for maximum number of licenses to retail CNG to automobiles and piped cooking gas to households in the latest city gas bidding round.

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