Technical Analysis of Nifty I Bank Nifty I Polycab I Easy Trip Planners Ltd I HeroMotoCorp I Network 18 I Shriram Finance

 Indian Stock Market Analysis for January 12th, 2024

Overall:

·  Benchmark indices: Slight gains (Nifty +0.13%, Sensex +0.09%).

·  Market volatility: Rangebound, awaiting U.S. CPI data release.

·  Sector performance: Mixed, with IT falling and Oil & Gas leading gains.

·  Broader market: Outperformed benchmarks, with Midcap and Smallcap rising.

·  Market breadth: Positive, with more stocks gaining than declining.

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Key Takeaways:

·   Market awaited U.S. CPI data for guidance on Fed's monetary policy.

·   Reliance Industries led gains, followed by Axis Bank, Bajaj Auto,and Hero MotoCorp.

·   HDFC Bank, HUL, Infosys, ICICI Bank, and L&T were top drags on Nifty.

·   IT stocks suffered due to weak earnings estimates.

·   Bank Nifty remained volatile, with hurdles at 48,000 and support at 46,900.

·   Broader markets displayed strength, with S&P BSE Midcap and Smallcap rising.

·   Most sectors rose, except IT and Media.

·   Market breadth favored buyers.

Trading Strategies:

·  Nifty: Monitor U.S. CPI impact and breakout above 21,700 for potential further gains.

·  Bank Nifty: Observe 48,000 resistance and 46,900 support for trading cues.

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·  Sector Rotation: Look for opportunities in Oil & Gas and other strong sectors, avoid weak IT.

Indian Stock Market News 

#Polycab fell 21 %  following the income tax department's announcement of discovering "unaccounted cash sales" of about Rs 1,000 crore during searches of the company’s premises. The stock has been in a downtrend, plunging more than 27 percent in the last five sessions.

#Easy Trip Planners, which operates the online travel portal EaseMyTrip, jumped more than 17 %, continuing the uptrend that followed the Maldives row. The Maldivian tourism body has called on EaseMyTrip to re-open flight bookings on its platform to the island nation even as the website offers discounts for travel within India. The Delhi-based travel aggregator suspended all flight booking to Maldives following the disparaging remarks made by now-suspended Maldivian ministers against India and Prime Minister Narendra Modi following his visit to #Lakshadweep.

 #Hero Motocorp Limited surged 5 % after  news  reporting  that the two-wheeler major is set to enter the 440 cc segment by launching a range of products on January 23. "Maverick will be Hero's entry into the 440cc segment for India

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#Network 18 Media & Investments surged nearly 10 % after being locked in a 20 percent upper circuit in the previous trading session. Around 1.3 crore shares, representing a 1.3 percent equity, changed hands on January 10 in a Rs 155.50-crore deal.

#Shriram Finance shares gained 6 %  after Goldman Sachs upgraded its rating on the stock to Buy from Neutral and raised earnings estimates. The global firm has raised earnings estimates by 10 percent and 13 percent for FY25 and FY26, respectively. It has increased the target price by 43 percent to Rs 2,758 from Rs 1,926.

#Ajmera Realty and Infra India soared nearly 7 % morning after the company recorded a sharp jump in sales value for the October-December quarter. The company's sales value rose 98 percent on year to Rs 253 crore in the third quarter while collections grew 30 percent to Rs 151 crore.

#Kalyani Steels Limited surged nearly 15 % after the company announced it has emerged as the successful bidder for the acquisition of assets belonging to Kamineni Steel & Power India Private Ltd

 

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Shiva Cement soared 14 % amid reports of its parent company, JSW Cement's plans for a mega Rs 6,000-crore initial public offering.

 #Unichem Laboratories share surged 5 % after the company received the United States Food and Drug Administration's nod for the generic version of a hypertension drug. The product will be commercialized from the company's Goa plant

 

Wardwizard Innovations & Mobility surged 15. The shares saw a price volume breakout with a spurt in volume of 1.96 times on BSE, also pushing the stock to its fresh 52-week high. Recently the company announced on bourses the unveiling of its 6 Concept Models of Electric Vehicles at the 10th Edition of Vibrant Gujarat Global Summit

#Axiscades Technologies jumped nearly 5 %  after the company launched a qualified institutional placement (QIP) issue to raise up to Rs 300 crore, with a base size of Rs 220 crore and an upsize option of Rs 80 crore.

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