On the technical side, chartists believe the short-term trend for Nifty is weak.
Domestic markets were under-pressure last week, falling three times in four trading sessions. Entering Monday’s trading session, SGX Nifty was up in the green, hinting at a flat to a positive start to the day’s trade. On the technical side, chartists believe the short-term trend for Nifty is weak. “The overall negative chart pattern as per daily and weekly chart signal that the present key support of 17700 could be broken in the short term and that could open a larger downward correction down to 17200-17100 levels in the next few weeks,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. “Any attempt of upside bounce from here could find resistance around 17850-17900 levels,” he added.
Paytm – One 97 Communications or Paytm made its debut on the stock exchanges last Thursday and hit the 20% lower circuit, falling 27% from the IPO price. The abysmal listing of the scrip has attracted scrutiny over its pricing, which analysts said was too expensive. Despite the sharp fall, analysts are still bearish on the stock.
Reliance Industries Ltd – Mukesh Ambani’s Reliance Industries Ltd (RIL) on Friday announced that along with Saudi Aramco, it has decided to re-evaluate the proposed investment in O2C business. The company had missed two self-imposed deadlines to complete the deal that would have otherwise seen Saudi Aramco pick up 20% stake in the O2C business.
State Bank of India – State-owned lender SBI is yet to refund a total of Rs 164 crore to various Jan Dhan account holders for undue fee charged. The bank has returned Rs 90 crore for the same but has held on to Rs 164 crore with itself.
Vedanta – The company informed the stock exchanges that the Supreme Court of India has allowed the government to go ahead with its proposal to divest its complete stake in Hindustan Zinc Limited, a subsidiary of Vedanta.
ONGC – The decision to give away ONGC’s biggest oil and gas fields to foreign companies has faced strong resistance from the officers union at ONGC. The union has said that the government should empower and give the company a level-playing field rather than giving away its prime assets to the private sector on a platter.
Punjab National Bank – A vulnerability in the server of Punjab National Bank allegedly exposed the personal and financial information of its about 180 million customers for about seven months, according to cyber security firm CyberX9, PTI reported. The cyber security firm has claimed that the vulnerability provided access to the entire digital banking system of PNB with administrative control.