The National Company Law Tribunal (NCLT) today asked the Committee of Creditors (CoC) of debt-ridden Bhushan Steel to consider the objections raised by its employees over the bids submitted by Tata Steel.
Going forward, Nifty has an immediate support near 10285 and if it sustains below this level will lead to a further correction towards 10210 and 10141 levels respectively.
10,330 may continue to serve as the major support on the downside. Critical resistance of 10,480 may play the spoilsport and may lead to a pause in the current bullish momentum. On the flip side, breaking out 10,480 may unfold fresh leg of up move, says Jaydeb Dey, Technical Analyst at Stewart & Mackertich Wealth Management Ltd.
The market breadth was in favour of the declines with 765 stocks advancing while 939 declined and 315 remained unchanged. On the other hand, in the BSE, 1199 stocks advanced and 1406 declined and 151 remained unchanged.
Ashwani Gujral of ashwanigujral.com is of the view that one can sell Tata Steel, Adani Enterprises, JSW Steel and Vedanta and can buy L&T Finance and Piramal Enterprises.
The top Sensex gainers were Videocon which jumped 5 percent followed by INOX Leisure, Vakrangee and Religare, each adding over 3 percent. IFCI added 2.8 percent in the morning trade.
Ashwani Gujral of ashwanigujral.com recommends buying Titan Company with a stop loss of Rs 810, target of Rs 840, Reliance Industries with a stop loss of Rs 900, target of Rs 925 and a buy also on Jubilant Foodworks with a stop loss of Rs 1990, target of Rs 2050.
Aegis Logistics, Tata Motors and metals, among others, are being tracked by analysts on Thursday.
The deal makes Tata Steel the largest steelmaker in India, while Liberty gets its first manufacturing presence in the country.
While the immediate impact may be limited, a rise in competition in export markets could lead to increased supply & price cuts domestically.
The market breadth was in favour of the advances with 878 stocks advancing while 789 declined and 348 remained unchanged. On the other hand, in the BSE, 1268 stocks advanced and 1260 declined and 160 remained unchanged.
Ashwani Gujral of ashwanigujral.com is of the view that one can sell Reliance Industries and Tata Steel and can buy Whirlpool.
Tata Steel says Liberty House appeal should be dismissed prima facie but NCLT judge disagrees.
The company is appealing against the rejection of its bid for Bhushan Power & Steel
The move is aimed at meeting demands from the automotive sector, which is trying to slash the weight of cars to cut emissions.
After successfully turning around and acquiring businesses in the UK and Australia, the billionaire entrepreneur is back in his home country
"We are taking slightly contra view on index and expect Nifty index to see a short-term pullback from current level. Till the time Nifty is trading above 10033.35, the Higher Top Higher Bottom formation on weekly chart remains intact. On weekly charts, RSI (14), has signaled an oversold condition post the formation of a bearish divergence," says Aditya Agarwal, Head Technical Research at Way2Wealth Brokers Pvt. Ltd.
If its bid is successful, Liberty House will invest USD 10 billion in India over five years
Sudarshan Sukhani of s2analytics.com is of the view that one can buy Mindtree and Pidilite Industries and can sell UPL, Tata Steel and Tata Motors.
Ashwani Gujral of ashwanigujral.com recommends buying Tech Mahindra with a stop loss of Rs 588, target of Rs 620, a buy on NIIT Tech with a stop loss of Rs 788, target of Rs 825 while a sell call on Century Textiles with a stop loss of Rs 1190, target of Rs 1130.
Even as Tata Steel sheds off its European baggage, it is bidding aggressively for assets in India
Sandeep Wagle of powermywealth.com recommends selling Tata Steel and Motherson Sumi Systems.
Sandeep Wagle of powermywealth.com suggests selling Tata Steel and Motherson Sumi Systems.
Macquarie has maintained an outperform rating on Tata Steel with target of Rs 800. The house feels that the Bhushan Steel bid appears 10–15 percent higher than expectations and sees Bhushan assets as an attractive strategic fit.
In view of increasing volatility across markets, he said, the companies require nimbleness in tackling the storm of changes coming their way on a daily basis.