Nifty 50 Ready to Charge Ahead on Monday: Can it Break Resistance?
The week saw the Nifty 50 index gaining strength by recording the all-time high level to breach above the previous peak and moving past the 22,000 zone decisively has overall strengthen the bias to anticipate for further rise having targets of 22,400 and 22,800 levels in coming days with near-term support maintained at 22,000 zone.
Our Recommended Strike Price was Nifty 22200 – 22350
Potential Level : 22600.21, 22568.57, 22377.36, 22345.72, 22224.48, 22192.84, 22001.63 & 21969.99
Bank Nifty on Monday: Will the Momentum Continue?
Bank Nifty has been quite underperforming as compared to the Nifty index and would need a decisive breach above the 47,400 zones to establish a conviction for a further upward move for next targets of 48,650 and 49,750 levels in the coming days.
Our Recommended Strike Price was Bank Nifty 46800 – 47400
Potential Level : 47294.99, 47228.11, 46971.89, 46905.01, 46500.89, 46434.01, 46029.89 & 45963.01
Stocks on News
Biocon: The biopharmaceutical company has given a corporate guarantee of $20 million in favour of Mizuho Bank to secure a term loan facility of $20 million extended to the company’s step-down subsidiary Biocon Generics Inc by the bank. The corporate guarantee is valid for 5 years.
Kotak Mahindra Bank: The bank, Zurich and Kotak Mahindra General Insurance Company have mutually agreed that Zurich will acquire 70% stake in Kotak General through a combination of primary and secondary acquisitions in a single tranche, for Rs 5,560 crore. As per an earlier disclosure made in November 2023, Zurich Insurance was supposed to make initial acquisition of 51% stake in Kotak General through a combination of capital infusion and share purchase, followed by a subsequent acquisition of an additional 19% stake in 3 years from the initial acquisition.
Aditya Birla Capital: The company has made an investment of Rs 50 crore via rights issue, in Aditya Birla Capital Digital (ABCDL). After this investment, there is no change in the percentage shareholding of Aditya Birla Capital and ABCDL continues to be wholly owned subsidiaries of the company.