The first trading session of 2021 could start on a flat note with a positive bias as Nifty futures on the Singapore Exchange were trading flat on Friday morning. Dalal Street enters the new year on the back of a record-breaking gaining streak with Nifty 50 just having achieved 14,000 levels in the previous trading session. “The short term trend remains up, but is looking tired. Markets could therefore consolidate in a range for the next few sessions. Short term supports to watch for a trend reversal are at 13864,” said Subash Gangadharan, Technical and Derivative Analyst, HDFC Securities.
What do the charts say?
On the technical front, the benchmark index has been rising continuously with Higher Highs & Higher Low formation, which suggest more bullishness for the near term, according to Sumeet Bagadia Executive Director Choice Broking.
The roll-over data too hints at further gains. “Nifty future has seen Rollover of around 80% on provisional basis which is in line to last month Rollover of 78.68%. Rollover data suggests that positive momentum could continue in coming series as well towards 14500 zones,” said Chandan Taparia, Derivative & Technical Analyst, Motilal Oswal Financial Services.
Stocks to Watch
Antony Waste Handling Cell: The last IPO of 2020, Antony Waste Handling Cell will make its debut on Dalal Street today. The issue was subscribed 15.04 times earlier last month. The Rs 300 crore issue was the 15th IPO fo 2020.
Jubilant FoodWorks: Jubilant FoodWorks, the company that runs the Domino’s Pizza and Dunkin Donuts chain in India, on Thursday said that has entered into a Share Subscription Agreement and Restated Shareholders’ Agreement to acquire 10.76% stake in BarbequeNation Hospitality Limited for Rs 92 crore.
Reliance Industries Limited: Mukesh Ambani’s Reliance Industries said that its telecom arm, Jio, will not charge its users for calls made to other networks. This will begin today as the IUC regime ends.
IDBI Bank: LIC-controlled IDBI Bank on Thursday, informed the bourses that it has sold a 23% stake in life insurance venture to foreign partner Ageas for Rs 507 crore. The transaction was completed yesterday.
Jindal Steel & Power: The firm on Thursday informed the bourses that the Ministry of Coal declared Jindal Power as the successful bidder for Gare Palma IV/1 Mine. The firm won the bid at 25% premium of the representative price.