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Nifty View:
Since the last two trading sessions, we have been discussing Nifty to cross 16,580 and catch up the 16,600 levels. Hope yesterday you all caught up on the move and traded.
After this Bull run what to expect Next?!
On Daily basis Nifty had formed a bullish candle, also the News on HDFC Bank may take the Nifty to New Highs. SGX Nifty indicates a Gap-up opening. So we could expect a positive opening and later look for profit booking at the highs.
Major resistance can be placed at 16,800 however watch for resistance at 16,680-16,700 levels. Immediate support can be placed at 16,590-16,600. Watch for Nifty to cross these levels to give a sustainable move.
Yesterday too Bank Nifty has been highly Underperforming. So watch for how HDFC Bank and Bank Nifty performs today.
Stocks in News:
HDFC Bank: Eight months after barring the country's largest private sector lender HDFC Bank from selling new credit cards, the Reserve Bank of India (RBI) has lifted the ban, banking sources said on Tuesday. However, the ban on launching new technology initiatives remains.
spicejet : No relief for spicejet from Punjab & Haryana HC on Tax case.
Canara Bank: Opened its QIP on Tuesday to raise up to Rs 2,500 crore and set the floor price of the issue at Rs 155.58 per equity share. The floor price is at a premium of 1.91% to Tuesday’s closing price. A meeting of the sub-committee of the board will be held on August 23 to determine the issue price for the equity shares as well as the number of shares to be allotted to qualified institutional buyers, pursuant to the QIP.
HCL Technologies: Signed a five-year, end-to-end IT transformation services deal with Wacker Chemie AG, a German multinational chemical company. HCL Tech will help Wacker Chemie AG to establish a modernized digital workplace and improve its quality-of-service delivery.
Bharat Dynamics: The company has signed a licencing agreement with MBDA to establish a facility for the final assembly, integration, and test of Advanced Short Range Air-to-Air Missile (ASRAAM) missiles in India. Under the agreement, MBDA will transfer the equipment and knowledge to Bharat Dynamics for establishing the facility. The facility is expected to commence operations by 2022-23.
Suzlon Energy: Approved allotment of 3.17 crore equity shares on conversion of bonds. The company allotted 1.36 crore equity shares on conversion of 1,470 US$ denominated Convertible Bonds due 2032 having a face value of $320 each. It allotted 1.80 crore equity shares on conversion of 2,031 US$546,916,000 Step-up Convertible Bonds due July 2019 of $1,000 each.
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