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Oct 1, 2021 4:58 PM

Partial profit booking advisable between 17,650, 17,750 levels: Kotak Securities' Shrikant Chouhan

Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities, said Nifty50 index has formed a bearish candle and on the intraday charts, it has maintained lower top series, indicating temporary weakness.

"While the market will remain volatile in the near future, the 17,650-17,750 level would be key resistance for traders while 17,400-17,300 could act as sacrosanct support for positional traders. Contra traders may take a bet near the support level of 17,300 with a strict support stop loss at 17,250. Partial profit booking is advisable between 17,650 and 17,750 levels," he said.

Oct 1, 2021 4:58 PM

'Wait and watch' on Zee Entertainment Enterprises: Gurmeet Chadha

Gurmeet Chadha, Co-Founder and CEO of Complete Circle Consultants, said in an interview to CNBC-TV18 that Zee Entertainment's proposed merger improves its market share to 27-28 percent. "There is some concern on Zee losing some broadcasting market share and also gives some synergies in terms of the sports and kids segments. I think the market is still concerned on three broad issues. One is obviously the non-core investments like Sugar Box. Second was on still some outstanding with related parties including Dish TV which is still sub Rs 400 crore, although it has come down. Third is the focus on the movie production business, which is not very lucrative. I think the proposed merger could solve some of those governance issues," he said.

He however suggests a wait-and-watch approach on ZEEL. "Their OTT platform continues to show traction, with viewership doubling both on monthly average users as well as daily average users. Their paid subscribers have also doubled. So all the operating metrics are fine, but we have seen the market whenever it gets a whip of anything to do with governance, it doesn't react favourably. So it is a wait-and-watch for me," he said.

But as far as the asset goes, as the operating performance goes it is a good asset. So once these issues get resolved, it's still at about 20 times, so if you compare it to peers - if all these things get resolved, it could be a decent medium term bet.

Oct 1, 2021 4:55 PM

Eicher Motors top pick in two-wheeler space: Rakshit Ranjan of Marcellus

Rakshit Ranjan, Portfolio Manager at Marcellus Investment Managers, said in an interview to CNBC-TV18 his top pick in the two-wheeler segment is Eicher Motors. "We have some exposure to that in some of our portfolios,” he said.

“The two-wheeler space has a much more consistent and healthy run rate as a sector compared to the four-wheeler space, where it will have to be a lot more cyclical call for investors. Two-wheelers are better than four-wheelers if you don’t want to take too much of risk in timing. Otherwise, auto as a whole itself is quite cyclical and so timing will matter more, which is also one of the reasons why we don’t have too much of exposure beyond one or two companies in this space in our coverage," he said.

"Over the longer term, EV disruption is going to be one big game changer. While many companies will try to catch up with disruption, we don’t think more than one or two companies at the moment give us the confidence that they can do it with high returns on capital coming out of the initiatives in this space," he said.

Oct 1, 2021 4:48 PM

Positive on Divi's, Sun Pharma: Quantum Securities' Neeraj Deewan

The pharma space has seen some consolidation, said Neeraj Deewan, Director, Quantum Securities. He said Divi's stays among his top topics. "I think the current correction that we see in Divi's is a good opportunity to enter. Even Sun Pharmaceutical Industries has seen a good move," he said.

It is one space which should stay a defensive bet even if there is some correction, he said. He also likes Sun Pharma.

Oct 1, 2021 4:26 PM

Expect rupee to move in 73.80-74.30 range next week: Kotak Securities' Anindya Banerjee

Weakness in the dollar overseas and FPI flows into the ongoing Aditya Birla IPO helped the rupee, said Anindya Banerjee, DVP-Currency and Interest Rate Derivatives at Kotak Securities. "Sharp gains in Chinese currency against the US dollar helped the rupee. We expect a range of 73.80-74.30 to unfold over the next week," he said.

Oct 1, 2021 4:23 PM

Expect rangebound action within 17,350-17,950 band for some time: Manish Shah

The pattern playing out on the weekly chart is a dark cover, and it has appeared after a sharp rally, said Manish Shah, Founder of Niftytriggers.com. "Interpreting this pattern, we find that bears were in control of the counter in this timeframe. On the weekly timeframe, MACD is still in a buy mode. The oscillator position does show a sharp momentum. On the daily timeframe, Nifty saw a brief bounce from the lows as it touched the support line. We also see a bearish island reversal. So we have some bearish developments during the week," he said.

"Nifty has declined a substantial portion of the previous swing. Most probably we can expect rangebound action within the 17,350-17,950 band for some time. On the longer-term charts, mainly weekly and monthly, the underlying trend is bullish. Most probably any short-term declines in the market will be short-lived as Nifty will try to slow down on its relentless move up," Shah added.

He expects resistance for the index at 17,850-17,835 levels. "If Nifty moves beyond this, we can expect a rally. Major support is seen at 17,350, a break above which will lead to a rally to 19,000. The immediate interpretation of the move in Nifty does suggest prolonged rangebound action between 17,350 and 17,950 for some time," he added.

Oct 1, 2021 4:09 PM

Rupee edges higher to end at 74.12 against dollar

Rupee closed at 74.12 against the dollar, as against its previous close of 74.23.

Oct 1, 2021 3:52 PM

Market At Close | Sensex, Nifty off day's lows; midcaps relatively outperform

Here are key highlights of the October 1 session:

--Nifty Bank recovers from intraday low of 36,876 to close at 37,226

--Midcap index relatively outperforms, up 13 points at 30,397

--Bajaj twins reverse previous day’s gains, down 2-3 percent

--Maruti’s below-estimate sales, lower production pull stock 2 percent lower

--Bharti Airtel falls for 5th straight day, down 9 percenet for week

--M&M top Nifty gainer after auto maker posts better-than-expected tractor sales

--ONGC rises 1 percent; city gas company stocks slip after gas price hike

--TVS Motor moves sharply higher after monthly sales beat estimates, up 3%

--Stocks added to F&O today see healthy gains: Abbott up 7%, JK Cement up 3%

--Market breadth favours bulls; advance-decline ratio at 5:4

Oct 1, 2021 3:51 PM

Market At Close | Manappuram, GMR Infra, Dixon, IDBI, Delta Corp top gainers in broader indices

On the other hand, Cummins, Oberoi Realty, Oil India, IEX and Welspun were among the top laggards.

Some 240 stocks in the BSE 500 universe -- the broadest index on the bourse -- finished the day in positive territory.

Oct 1, 2021 3:47 PM

Market At Close | M&M, Dr Reddy's, UltraTech top gainers; Bajaj Finserv, Maruti, Airtel top losers

Here's a look at the biggest movers and draggers for the 50-scrip index:

Oct 1, 2021 3:44 PM

Market At Close | HDFC twins, ICICI Bank, TCS biggest drags on Sensex

Oct 1, 2021 3:41 PM

Closing Bell | Sensex down 361 points at 58,766, Nifty gives up 17,550

The Sensex index ended 360.8 points or 0.6 percent lower at 58,765.6 and the broader Nifty50 benchmark shed 86.1 points or 0.5 percent to settle at 17,532.1. Weakness in IT and select financial shares pulled the market lower, however strength in pharmaceutical and metal shares limited the downside.

Oct 1, 2021 3:37 PM

Zee Entertainment Enterprises expresses inability to convene EGM as requisitioned by OFI, Invesco

Zee Entertainment Enterprises expressed inability to convene an extraordinary general meeting (EGM) as requisitioned by shareholders OFI and Invesco. The company said its board unanimously oncluded that the requisition notice is not valid and suffers from many legal infirmities.

Zee Entertainment Enterprises' board had called a board meeting to deliverate over the requisition notice for an EGM.

ZEEL shares traded three percent lower at Rs 294 apiece in late afternoon deals.

Oct 1, 2021 2:59 PM

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities on markets:

In line with global markets, Sensex 30 and Nifty 50 saw a decline this week. Sensex 30 and Nifty 50 fell by about 2 percent during the week, while BSE Midcap and BSE Smallcap index outperformed the Sensex and Nifty, noted Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.

In terms of sector, the BSE Power index gained 6 percent and BSE Oil & Gas index moved up by 4.3 percent. BSE Energy and BSE Metal index too gained around 3 percent in this week. On the other hand, with about 5 percent decline, the BSE IT index was the major underperformer, Chouhan added.

Meanwhile, the US 10 year treasury yield rose further this week above the 1.5 percent mark, but crude oil prices remained on the higher side.

“On the domestic data front, the performance remains broadly on expected lines. Global and domestic inflation risk from a sharp increase in global energy prices, rising US bond yield, and concerns over the Evergrande issue are near-term challenges for the global and Indian equity markets,” said Chouhan.

FIIs have been net buyers in September 2021. Most of the major emerging markets witnessed FPI inflows in September 2021.

Oct 1, 2021 2:54 PM

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