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Nifty index to be range bound between 10,950 and 11,150 with short-term momentum tilting towards the buy side. That's according to Amar Singh, Head Advisory, Angel Broking.
"Any dips in current levels should be used as a buying opportunity," said Singh in an interaction with BloombergQuint.
The Gujarat-based company has won Rs 10.2 crore worth purchase orders to supply heat exchangers and tube bundles, according to its exchange filing.
The shares traded flat at Rs 32.90 each. The stock has declined 31 percent in the past 12 months.
For this week, 10,970 is a crucial support level for the Nifty, according to Aditya Agarwalla, technical analyst at Yes Securities. “If the Nifty breaks that level (10,970), then the further downside to 10,900 levels is expected.”
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Indian equity indices were trading at their intraday lows in the afternoon trade, led by losses in private lenders.
The S&P BSE Sensex fell close to 0.40 percent to 37,257.61 and the NSE Nifty 50 declined as much as 0.54 percent to 10,993.80, as of 12:25 p.m.
For this week, 10,970 is a crucial support level for the Nifty, according to Aditya Agarwalla, technical analyst at Yes Securities. “If the Nifty breaks that level (10,970), then the further downside to 10,900 levels is expected,” he said, in an interaction to BloombergQuint.
The non-banking lender has agreed to acquire 58.2 percent stake in Sri Lanka-based Ideal Finance, according to a bourse notification. The targetted company will be classified as an associate company post the deal which is expected to be completed by 2021, the notification said.
Shares of the company declined for the second-straight session after it fell nearly 3 percent to Rs 308.35 apiece.
The shares trade at 11 times their estimated earnings per share for the coming year, Bloomberg data showed.
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Shares of the telecom equipment maker rose as much as 8.8 percent to Rs 20.50 apiece.
The company received purchase orders worth Rs 2,467 crore from Bharat Sanchar Nigam Ltd. for defence communication network, according to an exchange filing. Project is to be completed in the next 18 months, the filing said.
The stock declined 24 percent in the past 12 months compared to 2.3 percent fall in the Sensex.
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Indian equity benchmarks fluctuated between gains and losses in opening trade as businesses awaited stimulus to spur economic growth.
The S&P BSE Sensex rose as much as 0.16 percent to 37,460.63 and the NSE Nifty 50 rose as much as 0.07 percent to 11,063.50, as of 9:20 a.m. The broader markets represented by the NSE Nifty 500 Index rose as much as 0.07 percent.
The market breadth was tilted in favour of buyers. About 746 stocks advanced and 649 shares declined on National Stock Exchange.
However, seven out of 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty Metal Index’s 0.54 percent fall. On the flipside, the NSE Nifty IT Index was the top sectoral gainer, down 1.05 percent.
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