Reliance Industries, Paytm, ITC, IndusInd Bank, Bharti Airtel among stocks in focus today

Technical analysts say Dalal Street could be in for more weakness ahead.

Stocks to watch out for today. (Image: REUTERS)

On Monday morning SGX Nifty was up more than 80 points, hinting at a positive start to the day’s trade. On the charts, however, Dalal Street looked to be in for more weakness ahead. “The market has been in a steep fall and more weakness could be in store. The downside breakout of the crucial supports and the overall negative chart pattern as per daily and weekly timeframe indicate resumption of a sharp downward trend in the market,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. “The next lower targets to be watched for Nifty around 16500 levels in the next couple of weeks. Any pullback rally from here could find strong resistance around 17200 levels,” he added.

Reliance Industries: After Bharti Airtel and Vodafone Idea, Reliance Industries’ Jio has increased tariff by 20%. With this, all private telecom operators have now upped their tariff, marking the first increase in prices since December 2019.

One97 Communications (Paytm): Newly listed Paytm posted second-quarter results where it reported revenue growth of 64% on-year basis. The company reported a loss of Rs 473 crore against a loss of Rs 436 crore in the same period last year.

Indusind Bank: Hinduja Group will look to hike its stake in IndusInd Bank after The Reserve Bank of India allowed promoter holding of up to 26 per cent in private-sector lenders. Earlier the cap for promoter holding was at 15 per cent.

ITC: The company on Friday said that it has agreed to acquire a 16% stake in Mother Sparsh Baby Care, an ayurvedic and natural personal care brand in the direct-to-consumer (D2C) space, for Rs 20 crore.

Punjab National Bank: In an attempt to recover Rs 200 crore, PNB has put Madhya Pradesh-based steel and agriculture company for sale. The National Steel and Agro Industries Ltd has a balance outstanding of Rs 199.90 crore to the bank.

Macrotech Developers: The real estate company is looking to enter the Bengaluru market and invest Rs 3,000 crore equity capital for growth as it aims to increase its annual sales bookings by almost three times to Rs 20,000 crore by 2025-26.

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