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CAPITALSTARS – भारत में खरीदारी के लिए बेहतर हैं ये स्‍टॉक: 13 JAN 2020

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Morning news and update

In the week gone by, volatility was the buzzword on the D-street, owing to the escalating geopolitical tensions. As the saying goes, All is well that ends well, Nifty rallied almost 3 per cent from the lower levels of 11,929.60 after the US President Trump’s press conference and ended the week on a positive note with gains of 30 points or 0.25 per cent. The Nifty Midcap and Small-cap rose by 0.55 per cent and 1.61 per cent, respectively, thereby outperforming the frontline benchmark index.

Nifty reached to a new lifetime high and broke out of the consolidation phase; however, it failed to sustain at higher levels and closed below prior high. The Friday price action formed a spinning top and the weekly action created a hanging man pattern. If we analyze, it was the sixth attempt by the index to reach around 12,290 mark but it failed to move above it. The formation of spinning top at all-time high levels is not a good sign.

A rally of almost 3 per cent from lower levels failed to form a new swing in the indicator. The MACD line is still below the signal line, indicating a weak momentum on the upside. The negative divergence in the MACD is clearer than the RSI. The ADX, which indicates the strength of the trend, has been declining from the past few days.

In the coming sessions, the price action of Nifty, against the level of 12,300-12,330, will continue to remain crucial. Unless these levels are not taken out comprehensively along with an increased volume, we cannot expect to have any sustainable up move. On the other hand, a fall below 12,100 would be an alert for the bulls.

All-in-all, the level of 12,300-12,330 would be a big hurdle for the bulls to climb; however, in case it crosses this hurdle, we can expect fireworks in the index. Meanwhile, the level of 12,100 is a key support.

Tata Steel:

Tata Steel announces a successful refinancing of EUR 1.75 bn of European debt.

Yes Bank:

The Board approved raising of funds up to Rs 10,000 crore via QIP/ GDRs/ADRs/ FCCBs/or any other methods on private placement basis.

HCC:

Lenders of HCC initiated a carve-out of around Rs.2,100 crore of debt to a third-party-controlled SPV, along with certain Arbitration Awards and claims in a move that will significantly deleverage the company and address its asset-liability mismatch.

Cholamandalam Investment and Finance:

Cholamandalam Finance raises Rs 4 billion Tier-II debt from CDC Group through 10-year Rupee Denominated Masala Bonds.

Lupin:

Lupin announced the completion of a Prior Approval Inspection (PAI) carried out by the United States Food and Drug Administration (USFDA) at its Nagpur oral solid dosage manufacturing facility. The inspection closed with two 483 observations.


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

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