Nifty 50 critical support at 11,600 and its breakdown could result in a further slide to 11,400. On the flip side, the 11,850-12,100 zone would act as a hurdle in case of a rebound
Analysts say that the technical setup suggests Nifty range of 11750-12100 in the near term and there will be more stock specific action amid earnings season
Indian share market benchmarks, BSE Sensex and Nifty 50 are likely to start the week on a positive note, as suggested by trends on SGX Nifty in early trade. Nifty futures were trading 61 points or 0.52 per cent up at 11,830 on Singaporean Exchange. Analysts expect that investors may witness profit-booking at higher levels. Asian stock markets were also trading firm after China’s third-quarter GDP grew 4.9 per cent as compared to a year ago. “The recent fall has derailed the momentum and indications are in the favour of consolidation in Nifty ahead. It has critical support at 11,600 and its breakdown could result in a further slide to 11,400. On the flip side, the 11,850-12,100 zone would act as a hurdle in case of a rebound,” said Ajit Mishra, VP – Research, Religare Broking Ltd.
HDFC Bank: Shares of HDFC Bank will remain in focus today as the bank on Saturday reported an 18.4 per cent on-year growth in net profit in the July-September quarter at Rs 7,513 crore on the back of over 16 per cent on-year jump in net interest income (NII) to Rs 15,776 crore.
Reliance Industries: Reliance Retail Ventures Limited, a subsidiary of RIL, received the subscription amount of Rs 5512.50 crore from Gamnat Pte. Ltd. and Lathe Investment Pte. Ltd. (GIC) and allotted in the aggregate 80,798,827 equity shares to GIC.
Infosys: According to the company’s recent shareholding pattern, mutual funds have increased their stake in the IT bellwether to 14.23 per cent in the July-September quarter, from 13.83 per cent in the April-June quarter. Also, foreign portfolio investors (FPIs) hiked their stake to 31.31 per cent from 30.47 per cent earlier, in same period.
DLF, SBI: DLF’s rental arm DCCDL has raised Rs 2,400 crore debt from India’s largest lender SBI to refinance its existing debt and fund future expansion plans, PTI quoted a senior company official as saying.
Dr Reddy’s Laboratories:Dr. Reddy’s Laboratories and Russian Direct Investment Fund (RDIF), announced that they have received approval from the Drug Control General of India (DCGI) to conduct an adaptive phase 2/3 human clinical trial for Sputnik V vaccine in India.
Likhitha Infrastructure: Niraj Rajnikant Shah lapped up over two lakh shares in the recently listed Likhitha Infrastructure, according to the bulk deals data of Friday. Shah acquired 1,12,080 shares at an average price of Rs 142.78, while he bought 1,24,180 shares at Rs 139.80 from the NSE. It also saw interest from BM Traders, HET Finance Private Limited.