Stocks in focus: GIFT Nifty traded down by 50 points, or 0.25%, at 19,678.5 during Tuesday’s early trading session, indicating a negative opening for domestic indices NSE Nifty 50 and BSE Sensex. The benchmark equity indices ended Monday’s trading session on a flat note. The NSE Nifty 50 ended at 19,674.55 up by 30 points, while the BSE Sensex added 14.54 points to 66,023.69.
“Doji pattern indicates indecision among market participants regarding the direction. It is trading right in the support zone 19,600 – 19,650 and considering the sharp decline in the past few trading sessions a pullback appears highly probable. On the hourly momentum indicator we can observe a positive divergence and also a positive crossover which also suggests that a pullback is likely. The pullback can be till 19,820 – 19,880 where key hourly moving averages and the gap area formed on 21st September is placed. In terms of levels, 19,600 – 19,620 is the crucial support zone while 19,820 – 19,880 shall act as an immediate hurdle zone,” said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.
Stocks to Watch on September 26, 2023
Fortis Healthcare
The Board of the Company at its meeting held on September 25, 2023, accorded its consent to enter into a Share Purchase Agreement for acquiring 99.9% stake equivalent to 9,990 equity shares in Artistery Properties Private (‘Artistery’), according to the information available on the NSE.
Tata Steel
Moody’s Investors Service upgraded the corporate family rating of Tata Steel from ‘Ba1’ Positive to ‘Baa3’ Stable.
Wipro
IT services company Wipro on Monday announced that it has executed the sale of a parcel of land measuring 14 acres and 02 cents, along with a 20-year-old building in Chennai, Tamil Nadu.
Indigo
Kotak Institutional Equities recommended ‘Buy’ for the Indigo stocks and said, “We expect Indigo’s near-term financial performance will be impacted by two ongoing P&W (Pratt & Whitney) issues from FY2024-26 and high crude oil prices with the latter primarily impacting the second quarter of FY2024.”
Finolex
Proxy advisory firm InGovern Research Services has recommended shareholders of Finolex Cables to “defer” two resolutions, including reappointment of Deepak Chhabria as executive chairman for a five-year term. The firm also sought to defer payment of commission to non-executive directors.