Further momentum in Nifty is likely once it is able to cross this physiological mark and make new highs, said share market analysts. A hawkish statement by the US Fed Chairman, high UK inflation data, poor monsoon can dent market sentiments.
Indian share market is witnessing profit-taking at higher levels due to feeble global cues but the tone is still positive. Vedanta, PNB, Dalmia Bharat, HAL, Raymond among stocks to watch on Friday.
Shares of Punjab National Bank will trade ex-dividend on Friday. The public sector lender had announced a dividend of Rs 0.65 per equity share.
Shares of Dalmia Bharat will trade ex-dividend on Friday. The company had announced a dividend of Rs 5 per equity share.
Shares of Raymond will trade ex-dividend today. The company had announced a dividend of Rs 3 per equity share.
Shares of Torrent Pharmaceuticals will trade ex-dividend today. The company had announced a dividend of Rs 8 per equity share.
The aerospace unit of General Electric said on Thursday the company signed a Memorandum of Understanding (MOU) with Hindustan Aeronautics Ltd (HAL) to jointly produce fighter jet engines for Indian Air Force's Light Combat Aircraft (LCA)-Mk-II -- Tejas.
Mining major Vedanta Ltd, controlled by billionaire Anil Agarwal, is trying to sell the copper plant in Tamil Nadu for Rs 4,500 crore. Last year, the company had invited expressions of interest (EoIs) for the unit. But it failed to get any favourable response. The process has now started again as bankers are reaching out to potential bidders.
Singapore-based foreign institutional investor Nav Capital VCC-Nav Capital Emerging Star Fund has recently made a significant move by acquiring a stake in the small-cap company Axita Cotton Limited.
“The immediate supports of daily 10 and 20 EMA are intact around 18,745 and 18,640 levels respectively. Unless these crucial supports are broken decisively on the downside, the deep cut in the market can't be expected. On the upper side, the area of 18,900 is likely to be a strong hurdle for the short term,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
“The 20-day moving average of 43,976 acted as a stiff resistance and Bank Nifty was unable to surpass it. The index is still stuck in a range and until the zone of 44,000 – 43,500 is not decisively breached on either side the range-bound action is likely to continue,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
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