Technical outlook

The current weekly setup in the market raises considerable concerns regarding uncertainty among participants. From a technical standpoint, Nifty’s breakdown below the 22,800-22,700 zone (lower band) could trigger fresh room for 22,500-22,400 in the near period, potentially a decline of nearly 15% from the all-time high, says Osho Krishnan, Sr. Analyst, Technical & Derivatives of - Angel One.

Amol Athawale, VP-Technical Research, Kotak Securities, opines that the current market texture is weak and if Nifty and Sensex break the 22,800 and 75,200 support zone then they could slip till 22,600-22,500 and 74,600-74,300, respectively. “On the other side, 23,000 and 76,500 important levels to watch out. Above 23,000/76500 we could see an extension of technical bounce back till 23,200 -23,300/77,100-77,500.”

For Bank Nifty now, 20 day SMA or 49,300 would be the trend decider level. Below the same, it could retrace till 48,000-47,750. However, above 20 day SMA or 49,300 it cold retest the level of 49,800-50,000, he said.

Stocks to watch

Q3 results: Shares of ABB India and Mahesh Developers will be in focus today as they will announce their quarterly results. Among others, investors will react to Q3 results of Borosil Renewables, Rail Vikas Nigam, Mahanagar Telephone Nigam, Dish TV, Easy Trip Planners, Glenmark Pharma, Aditya Birla Fashion, Samvardhana Motherson International, Dr Agarwal's Health Care, and Dilip Buildcon.

Reliance Industries: The Mukesh Ambani-led company has acquired project SPV “Lakadia B Power Transmission Ltd,” marking its entry in the power transmission development space.

Bharat Heavy Electricals (BHEL): The PSU has secured an order from Singareni Collieries Company (SCCL) for the EPC package for the Singareni Thermal Power Project, Stage II (1x800 MW) at Mancherial, Telangana.

Alembic Pharmaceuticals: The drug maker has received an Establishment Inspection Report (EIR) with a classification of Voluntary Action Indicated from the US FDA for its solid oral formulation facility (F-4) at Jarod.

Shriram Finance: The Reserve Bank of India has imposed a monetary penalty of Rs 5.8 lakh on the company for non-compliance with certain provisions related to know your customer (KYC), and data format for furnishing credit information.

Ujjivan Small Finance Bank: The central bank has slapped a fine of 6.7 lakh for non-compliance with certain directions related to loans and advances, including statutory and other restrictions.

Wipro: The IT heavyweight has appointed Amit Kumar as Managing Partner and Global Head of Wipro Consulting, effective immediately.

Zydus Lifesciences: The pharma company informed exchanges that the U.S. FDA conducted a surveillance inspection at the group’s API manufacturing site at Ambernath in Maharashtra.

IPO news

Shares of Ajax Engineering will make its debut on the stock markets today, while share allotment of Hexaware Technologies IPO is likely to be finalised today. Among others, Quality Power IPO will enter its second day of bidding today.

In the SME space, Chandan Healthcare IPO will be listed today, while share allotments of Maxvolt Energy IPO, Voler Car IPO, and PS Raj Steels IPO will be finalised today. The IPO of Shanmuga Hospital and LK Mehta Polymers will close for subscription today, while Tejas Cargo India IPO and Royalarc Electrodes IPO will open for bidding for second day today.

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