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Buy & Sell Ideas for Sep 16; top stock picks by Rajesh Bhosale of Angel One

Buy & Sell Ideas for Sep 16; top stock picks by Rajesh Bhosale of Angel One

by | Sep 16, 2024 | Share Market


3 min read Last Updated : Sep 16 2024 | 6:30 AM IST


Nifty Outlook


The festive week was action-packed, ultimately favoring the bulls. It started on a cautious note, testing levels around 24,750, but as the week progressed, prices defended key support and moved higher. The biggest surprise came on Thursday, when within just two hours, prices shot up by over 400 points, marking a fresh new high.


However, Friday lacked major traction, but the week still ended strong with over 2 per cent gains, closing just above 25,350.


After a brief pause last week, the primary uptrend has resumed with prices forming new higher highs and higher lows on the daily chart.

 


This trend suggests that corrections are getting shorter, reflecting a strong bullish undercurrent where minor dips are quickly bought into. Moving forward, dips towards key support levels can be viewed as buying opportunities. While there are no immediate signs of weakness, the momentum oscillator RSI Smoothened has failed to surpass its previous high, signaling a 2-Point Negative Divergence on the daily chart.


With the upcoming Fed policy, booking profits at higher levels would be wise to account for potential volatility. For levels, 25,200 serves as immediate support, while Thursday’s rally point of 25,000 – 24,970 is seen as strong support.


On the higher side, 25500 – 25600 could act as resistance, as it aligns with the Bearish Wolfe Wave; reversal zone, followed by 25800 being the next retracement resistance. Traders should monitor these levels closely and set up their trades accordingly.


This week also saw sector rotation, with defensive sectors performing well initially, but struggling later, while previously underperforming sectors like PSU Banks and Realty picked up. Traders should focus on identifying the right themes for outperformance opportunities.


NSE Scrip – CEAT


View –   Bullish


Last Close – Rs 3,000


For over 8 months, stock prices have faced resistance around the 2,900 level. However, prices have now broken this range, confirming a strong ‘Inverse Head and Shoulders’ breakout. This breakout is accompanied by strong volumes and a bullish candlestick pattern.


Additionally, prices have closed above the upper band of the Bollinger Bands, signaling a robust uptrend following the recent


congestion phase. Despite trading within a range, prices have consistently maintained their 20 EMA


on every dip, indicating a strong positive undertone.


Hence, we recommend to BUY CEAT around Rs 3,000 – Rs 2,980 | Stop Loss: Rs 2,880 | Target 3,240


NSE Scrip – DLF


View –   Bullish


Last Close – Rs 863


The realty sector has been in a consolidation phase for the past few months, and this stock has also experienced both price and time-wise consolidation. Technically, there are signs indicating that the stock has resumed its uptrend. On the daily chart, after forming a base at the 200 SMA, prices have shown strong positive traction and a range breakout.


Additionally, prices closed above the 20, 50, and 89 EMAs in a single day, highlighting the significance of the move, which is supported by increased volumes. Furthermore, the RSI Smoothened indicator, giving a fresh buy signal and crossing above 50, reinforcing the bullish outlook.


Hence, we recommend to BUY DLF around Rs 863 – Rs 857 | Stop Loss: Rs 834 | Target: Rs 920


(Rajesh Bhosale is an equity technical analyst at Angel One Ltd. Views expressed are his own.)

First Published: Sep 16 2024 | 6:28 AM IST



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Swiggy eyes IPO filing this week; may seek to raise over billion

Swiggy eyes IPO filing this week; may seek to raise over $1 billion

by | Sep 15, 2024 | Share Market


2 min read Last Updated : Sep 15 2024 | 7:52 PM IST


By Julia Fioretti, Baiju Kalesh and Manuel Baigorri


Indian food-delivery platform Swiggy Ltd. is considering filing publicly for its domestic initial public offering as soon as this week, people familiar with the matter said, adding to a strong pipeline of share sales in the country.

 


Swiggy’s IPO may seek to raise more than $1 billion, the people said, asking not to be identified as the information isn’t public. The Bengaluru-based company is waiting to get approval from India’s Securities and Exchange Board of India, known as Sebi, to proceed with the IPO filing, the people said.

 


Details of the offering such as size and timing are still under discussion and subject to change, they said.


A representative for Swiggy didn’t immediately respond to a request seeking comment.


Founded in 2014, Swiggy partners with more than 150,000 restaurants across India to help deliver food in the world’s most populous nation, according to its website. It competes with companies including public-listed Zomato Ltd., e-commerce giant Amazon.com Inc.’s India unit and conglomerate Tata Group’s BigBasket. 


Swiggy, backed by SoftBank Group Corp., would follow in the footsteps of other local and international companies seeking to tap the country’s economic growth and demand from global investors. About $7.8 billion has been raised through first-time share sales so far this year, already exceeding proceeds in each of the past two years, according to data compiled by Bloomberg.


More listings are expected in coming months. Hyundai Motor Co. is planning to sell shares in its local Indian unit this year in what could be one of the biggest-ever listings in India, people familiar with the matter have said. LG Electronics Inc. has picked banks for a potential listing of its Indian business that could raise as much as $1.5 billion, Bloomberg News reported.

First Published: Sep 15 2024 | 7:52 PM IST



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FPIs inject Rs 27,856 cr in equities in Sept on US rate cut expectations

FPIs inject Rs 27,856 cr in equities in Sept on US rate cut expectations

by | Sep 15, 2024 | Share Market


VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, has attributed two major reasons for FPIs’ strong buying. First, there is a consensus now that the US Fed will start cutting rates from this month onwards, pushing the US yields down Photo: Shutterstock

2 min read Last Updated : Sep 15 2024 | 12:44 PM IST


Foreign investors have infused Rs 27,856 crore in domestic equities in the first fortnight this month, owing to the resilience of the Indian market and growing optimism around the potential interest rate cut in the US.


Foreign Portfolio Investors (FPIs) have been consistently buying equities since June. Before that, they pulled out Rs 34,252 crore in April-May.


With the focus shifting to the US Federal Reserve’s decision on interest rates in its upcoming FOMC meeting next week, its outcome will likely play a pivotal role in shaping the trajectory of future FPIs investments in Indian equities, Himanshu Srivastava, Associate Director- Manager Research, Morningstar Investment Research India, said.

 


According to the data with the depositories, FPIs put in a net investment of Rs 27,856 crore into equities this month (till September 13).


With this, FPIs’ investment in equities reached Rs 70,737 crore so far this year.


VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, has attributed two major reasons for FPIs’ strong buying. First, there is a consensus now that the US Fed will start cutting rates from this month onwards, pushing the US yields down.


Recent data showing US inflation cooling for the fifth consecutive month, hitting a 43-month low of 2.5 per cent year-on-year in August, has strengthened expectations that the US Federal Reserve may proceed with a rate cut at its upcoming policy meeting. This will facilitate fund flows from the US to emerging markets.


Secondly, the Indian market is extremely resilient with strong momentum and missing out on the Indian market would be a bad strategy for FPIs, he added.


High valuations in India, however, continue to be a concern.


“The robust inflows are due to underlying factors such as global confidence in India’s economic outlook and the government’s commitment to drive a long-term growth story. FPIs are encashing at the right time to tab the Indian market amidst positive market sentiments, political stability, contributing to the rally,” Manoj Purohit, Partner and leader, FS Tax, Tax and Regulatory Services, BDO India, said.


Also, a series of regulatory reforms aimed at streamlining the process for FPI investments has further uplifted investor sentiment.


Apart from equities, FPIs invested Rs 7,525 crore in debt through the voluntary retention route in the first two weeks of September and Rs 14,805 crore in government debt securities designated under the Fully Accessible Route (FAR).

First Published: Sep 15 2024 | 12:30 PM IST



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Mcap of 9 of top-10 most valued firms jump Rs 2 trn; Bharti Airtel sparkles

Mcap of 9 of top-10 most valued firms jump Rs 2 trn; Bharti Airtel sparkles

by | Sep 15, 2024 | Share Market


Last week, the BSE benchmark jumped 1,707.01 points or 2.10 per cent. The 30-share BSE Sensex hit its lifetime high of 83,116.19 on Thursday | (Photo: Shutterstock)

2 min read Last Updated : Sep 15 2024 | 10:39 AM IST


Nine of the top-10 most valued firms together added Rs 2,01,552.69 crore in market valuation last week, with Bharti Airtel stealing the show, amid bullish investors’ sentiment in equities.


Last week, the BSE benchmark jumped 1,707.01 points or 2.10 per cent. The 30-share BSE Sensex hit its lifetime high of 83,116.19 on Thursday.


Bharti Airtel’s valuation jumped Rs 54,282.62 crore to Rs 9,30,490.20 crore, becoming the biggest gainer among the top-10 firms.


The market capitalisation (mcap) of ICICI Bank surged Rs 29,662.44 crore to Rs 8,80,867.09 crore.


Tata Consultancy Services (TCS) added Rs 23,427.12 crore taking its valuation to Rs 16,36,189.63 crore.

 


The mcap of Hindustan Unilever soared Rs 22,438.6 crore to Rs 6,89,358.33 crore and that of HDFC Bank zoomed Rs 22,093.99 crore to Rs 12,70,035.77 crore.


The market valuation of Infosys climbed Rs 17,480.49 crore to Rs 8,07,299.55 crore and that of ITC rallied Rs 15,194.17 crore to Rs 6,42,531.82 crore.


The valuation of Reliance Industries jumped Rs 9,878.19 crore to Rs 19,92,160.61 crore and that of State Bank of India went up by Rs 7,095.07 crore to Rs 7,05,535.20 crore.


However, the mcap of Life Insurance Corporation of India (LIC) declined by Rs 3,004.38 crore to Rs 6,54,004.76 crore.


Reliance Industries was leading the chart of the top-10 most valued firms followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, State Bank of India, Hindustan Unilever, LIC and ITC.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Sep 15 2024 | 10:39 AM IST



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Investors to focus on US Fed interest rate decision this week: Analysts

Investors to focus on US Fed interest rate decision this week: Analysts

by | Sep 15, 2024 | Share Market


The Indian equity market had an exceptional last week, with both the Nifty and Sensex hitting their all-time high levels. (Photo: Shutterstock)

3 min read Last Updated : Sep 15 2024 | 10:16 AM IST


The US Federal Reserve’s interest rate decision is the biggest event that would drive sentiments in the domestic stock market this week, besides a host of macroeconomic data from the global front and trading activity of foreign investors, analysts said.


The Indian equity market had an exceptional last week, with both the Nifty and Sensex hitting their all-time high levels on Thursday. The BSE benchmark breached the 83,000 level for the first time on Thursday.


“One of the most anticipated events of the year is set to unfold this week with the US Federal Open Market Committee (FOMC) meeting scheduled for September 18th. It is almost certain that this will mark the beginning of an interest rate cut cycle in the US. The general consensus is for a 25 basis points (bps) rate cut, though some market participants are speculating a more aggressive 50 bps cut.

 


“Such a move would be a significant positive trigger for global markets, particularly for emerging markets like India, as it would likely result in a weaker dollar and lower US yields, spurring foreign inflows into Indian equities,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.


Additionally, Japan’s inflation data is due on Friday, followed by the Bank of Japan’s (BoJ) monetary policy announcement, he said.


“In addition to this, other crucial factors that will influence market sentiment include FII (Foreign Institutional Investors) flows, the geopolitical landscape, and crude oil prices,” Meena added.


“The outlook for the market will be guided by the major domestic and global economic data such as India’s WPI inflation, US industrial production, US Fed interest rate decision, US FOMC economic projections and US initial jobless claims,” Palka Arora Chopra, Director, Master Capital Services Ltd, said.


Last week, the BSE benchmark jumped 1,707.01 points or 2.10 per cent and the Nifty climbed 504.35 points or 2.02 per cent.


“Looking ahead, this week will be critical with the US Fed meeting scheduled, and its outcome expected on September 18. Domestically, participants will be closely monitoring WPI inflation data and foreign fund flows,” said Ajit Mishra SVP, Research, Religare Broking Ltd.

V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “A significant trend in the market for the week ended 13th September is that FIIs were buyers of equity in the cash market on all days of the week.”

There are two reasons why FIIs have changed their strategy from selling to buying, he noted.


“One, there is a consensus now that the Fed will start cutting rates from this month onwards pushing the US yields down. This will facilitate fund flows from the US to emerging markets. Two, the Indian market is extremely resilient with strong momentum and missing out on the Indian market would be a bad strategy for FIIs,” Vijayakumar added.

First Published: Sep 15 2024 | 10:15 AM IST



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Sebi exempts SHPL from making open offer for SpiceJet shareholders

Sebi exempts SHPL from making open offer for SpiceJet shareholders

by | Sep 14, 2024 | Share Market


Struggling SpiceJet is in the process of raising funds to boost its financial position and meet various obligations. | Photo: Shutterstock

2 min read Last Updated : Sep 14 2024 | 10:43 PM IST


Markets regulator Sebi has exempted Spice Healthcare Pvt Ltd from making an open offer to SpiceJet shareholders in relation to acquisition of additional shares in the airline.


On conversion of warrants that were issued to it, Spice Healthcare, a promoter group entity, would be acquiring an additional 13,14,08,514 equity shares in the airline.


In this regard, SpiceJet had sought an exemption from Sebi with respect to making an open offer for the shareholders of the airline.


The Securities and Exchange Board of India (Sebi), through an order on Friday, has given the exemption from making the open offer to Spice Healthcare subject to certain conditions, the airline said in a filing to BSE on Saturday.

 


Post conversion of the warrants, Spice Healthcare will have an additional 13.74 per cent stake in the airline and that would trigger the open offer requirement under Sebi norms.


The watchdog has given the exemption subject to the condition that the shares acquired by the entity on exercise of the warrants will be locked in for an additional 6 months and the total period will be 24 months.


Generally, the lock-in period for such conversions is 18 month.


As per the Sebi order, which has been submitted to the BSE by the airline, Spice Healthcare’s additional voting rights from the conversion of warrants into shares will be frozen for a certain period of time.


In another filing, SpiceJet said its board has approved the appointment of Sonum Gayatri Malhotra as an Additional Director designated as an Independent Director.


Separately, the board of Spice Xpress and Logistics Pvt Ltd, a subsidiary of SpiceJet, has cleared the appointment of Manoj Kumar as an Additional Director designated as an Independent Director of the company, as per a filing.


Both appointments are with effect from Saturday.


Struggling SpiceJet is in the process of raising funds to boost its financial position and meet various obligations.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Sep 14 2024 | 10:43 PM IST



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