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CAPITALSTARS – भारत में खरीदारी के लिए बेहतर हैं ये स्‍टॉक: 06 NOVEMBER 2019


Morning news and update

The Nifty opened the session on a positive note, but soon gave up all the gains and traded with a negative bias throughout the day. At one point of time, the benchmark index was trading below 11,900 mark. However, in late afternoon, it witnessed a pullback from lower levels and reclaimed 11,900 mark but nothing could save it from closing in the red after seven trading sessions. The price action for the day formed a bear candle with a lower shadow, indicating recovery from the lows of the day.

Technically, it seems that the Nifty has managed to form a temporary top with it failing to cross the barrier, that is 12,000 mark, since the past couple of days. Further, the market breadth turned negative on Tuesday. We expect this current phase of consolidation and correction to continue. The index is likely to consolidate in the range of 11,820-11,980 before beginning to rise again. On the hourly timeframe, the Bollinger Bands have contracted, indicating a phase of low volatility. In the near term, the level of 11,820-11,840 is a crucial support zone. On the upside, the level of 11,980-12,000 is expected to act as a stiff resistance. However, once the index manages to take out the 12,000 mark, it is anticipated to head towards new highs.

Overall, the bias remains positive as long as the Nifty holds above 11,820 mark and traders should adopt buy on dips strategy. The index is likely to consolidate in the range of 11,820-11,980.

Infosys: Movement Mortgage selects Infosys to lead Its digital transformation and development services

Sun Pharmaceutical: Sun Pharma and AstraZeneca enter into a license agreement for novel oncology products in China.

Hero MotoCorp: The company presented a glimpse into the future of its premium motorcycle range at the EICMA 2019 in Milan.

PI Industries: The PI Industries arm executed a share purchase agreement to 100% stake in Isagro (Asia) Agrochemicals for Rs. 345 crores. The long stop date for this transaction is chosen as Jan. 31, 2020.

Quess Corp: Quess Corp has completed the acquisition of 30% stake in GSFS.

Aditya Birla Fashion and Retail: The Board of Aditya Birla Fashion and Retail will consider raising funds via non-convertible debentures up to Rs. 500 crores on or after Nov. 8.

SPARC: SPARC announced the grant of exclusive licenses to a subsidiary of China Medical System Holdings Limited (CMS) to develop and commercialize multiple products in Mainland China, Hong Kong, Macao, and Taiwan.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

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