A short-lived attempt by bulls to regain control of Dalal Street was quashed on Wednesday as headline indices gave up intraday gains to close with losses. On the charts, a small negative candle was formed on the daily chart with a long upper shadow, according to Nagaraj Shetti, Technical Research Analyst, HDFC Securities. “The display of lack of strength during upside bounce could hint at a possibility of further weakness down to 16700 levels in the next few sessions. The immediate downside target could be around 16500-16300 levels and this is likely to be achieved in the next 1-2 weeks,” he added.
Stocks to watch:
Shriram Group: The Chennai-based financial services major has announced the formation of a board of management to drive the long-term vision and strategy for the group.The promotership of the Shriram Group has already been transferred to the Shriram Ownership Trust (SOT) which holds stake in Shriram Capital which, in turn, is the holding company for other group businesses.
Zomato: The food-delivery firm has announced the launch of Zomato Wings, a new platform that will make investors and restaurants meet.
Yes Bank: In a major win for lender Yes Bank, the Supreme Court of India on Tuesday stayed the Uttar Pradesh Police order that directed freezing of the bank’s voting rights in the Essel Group-owned Dish TV India’s stake.
Go Fashion: Go Fashion (India) made a stellar debut on the stock exchanges on Tuesday, rallying 90% on opening. The stock ended the day lower from the listing price but still above the IPO price.
ICICI Bank: ICICI Ventures an alternative asset arm of ICICI Bank, made a partial exit from Go Fashion India after its successful listing on the exchanges on Tuesday. The asset management firm of the bank had invested Rs 100 crore for a 13.5% stake in Go Fashion.
Edelweiss Financial Services: The financial services firm said that it plans to raise Rs 500 crore through a public issue of Secured Redeemable Non-Convertible Debentures (NCDs). The base size of the issue is Rs 200 crore with an option to retain over-subscription up to Rs 300 crore.
Auto Firms: Auto stocks will be in focus today as auto companies report their sales figures for the month of November.
New F&O stocks: NSE said that futures and options contracts of seven additional securities would be available for trading from December 31. These include Balrampur Chini Mills Limited, Gujarat Narmada Valley Fertilizers and Chemicals, Hindustan Copper Limited, NBCC (India), Rain Industries Limited, Supreme Industries, and Tata Communications Limited.