Infosys, Anand Rathi Wealth, Voda Idea, Wipro, Vedanta among stocks in focus today

Indian markets started the week on a negative note. SGX Nifty trends on Tuesday indicated that Dalal Street was headed for a negative start today as well.

Markets
The market has tumbled down on Monday and the negative candle pattern is also signaling a failed upside breakout of the key resistance (File Photo REUTERS)

Indian markets started the week on a negative note. SGX Nifty trends on Tuesday indicated that Dalal Street was headed for a negative start today as well. Nifty futures on the Singapore Exchange traded 135.5 points, or 0.78 per cent lower at 17,333.50. “The market has tumbled down on Monday from near the crucial upper resistance of 17550-17600 levels and Monday’s negative candle pattern is also signaling a failed upside breakout of the key resistance. Hence, there is a possibility of some more dip before the upside bounce from the lows again. The positive chart pattern like higher tops and bottoms is intact on the daily chart and any weakness from here could be a buy on dips opportunity. The long term trend as per weekly chart remains negative. Immediate support is placed at 17200 levels and any upside bounce from here could find resistance at 17,600 levels,” said Nagaraj Shetti, Technical Research, Analyst, HDFC Securities

Here are some stocks that will be in focus today

Infosys: Markets regulator SEBI passed a confirmatory order against an Infosys employee Ramit Chaudhari and his connected person Keyur Maniar, who was an employee of Wipro Ltd, in a matter related to alleged insider trading in Infosys shares. Sebi said Chaudhari and Maniar “should desist from directly accessing the securities market till the completion of the ongoing investigation into the matter.” Through an interim order passed in September, the regulator had barred them from accessing securities market and had also directed impounding of illegal proceeds of Rs 2.62 crore. In the confirmatory order, Sebi noted that the amount has been deposited.

Anand Rathi Wealth: Shares of Anand Rathi Wealth are going to hit Dalal Street today (14 December). The stock will be listed on both NSE and BSE at 10 AM. The company had raised Rs 660 crore through its IPO offering shares in the range of Rs 530-550 between December 2-4. Ahead of its listing, the shares was commanding a mild premium of Rs 45-50 in the grey market. Ananad Rathi shares may have a moderate listing offering 5-10 per cent listing gain to the allottees. The shares may open in the range of Rs 570-600. Investors should book profit as there can be sharp decline in Anand Rathi share price post-listing, said analysts.

Vodafone Idea: The telecom major announced a limited period free offer for subscribers to stream music, courtesy a tie-up with Hungama Music. The tie-up will also see 52 live events being held over the next year.

Vedanta: The company said that it has taken steps to settle all disputes related to imposition of retrospective tax as it has withdrawn cases in the Delhi High Court to settle the Rs 20,495 crore retrospective tax dispute with the government. Vedanta Resources Ltd, the parent company of Vedanta, has also filed the application seeking withdrawal of the claim and termination of the arbitral proceedings pending before the Permanent Court for Arbitration in the International Court of Justice.

Wipro: The company launched Wipro VisionEDGE, to expand its sports, retail, transportation, and entertainment offerings. Formerly known as Cisco Vision, Wipro VisionEDGE offers a converged platform for innovation, and allow brands to manage and stream content to deepen customer engagement. The company said Wipro has partnered with Cisco to offer the solution to customers through the Cisco SolutionsPlus program and Cisco Global Price List (GPL) in late 2021.

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