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Nifty ends marginally above 8700; Stock to watch ahead of Cyrus Pallonji Mistry Exit


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Nifty 50 gained 16 points today after witnessing a evening star, a sign of trend reversal and for the day it got settled at 8709.

Although banking managed to outperform the broader market, but HDFCBANK and AXISBANKS was reactant to participant their peers.

Among stocks, ONGC, Coal India, Tata Motors, ICICI Bank and Lupin had their day, while Wipro, Asian Paints, Axis Bank, Bharti Airtel and Hero MotoCorp among the not so lucky.

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Bharti Infratel one of the leading telecom tower infrastructures provider Company in India, saw Q2 net profit up by 31% at Rs 777 crore and are well poised to capitalize on this opportunity and to support telecom operators in rollout of 3G and 4G network. India’s third-largest telecoms operator, Idea Cellular posted an 88% slump in second-quarter profit, as revenue fell on cheaper voice and data plans rolled out to counter new competition.

A sustained demand for the US dollar from importers and banks pushed the rupee lower by 3 paise to 66.92, which slid for the third continuous day.

PNB Housing IPO begins tomorrow. They aim to raise up to Rs 3,000 crore in what will be the second largest issue of 2016.

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Stock to watch ahead of Cyrus Pallonji Mistry Exit

Pallonji family owns more than 25% in TATASONS

  1. TATACHEM, TATAGLOBAL – Gave breakout but lacks volume, hence it may witness long unwinding
  2. TATAPOWER sketched evening star, a sign of trend reversal
  3. TATACOFFEE extend it weakness further towards 120 levels
  4. TATASPONGE witnessed multiple tops, hence it may offer comfortable move for bears to ride

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Summary
Nifty ends marginally above 8700, stock to watch ahead of Cyrus Pallonji Mistry exit
Article Name
Nifty ends marginally above 8700, stock to watch ahead of Cyrus Pallonji Mistry exit
Description
Pallonji family owns more than 25% in TATASONS TATACHEM, TATAGLOBAL and TATASPONGE. Significant impact is expected in tomorrow session and it may extend towards expiry
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EQSIS
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Nifty ends marginally above 8700, stock to watch ahead of Cyrus Pallonji Mistry exit

Significant impact is expected in tomorrow session across the tatagroups, and it may extend due to october contract unwinding pressure