WEEKLY EQUITY NEWSLETTER
6TH DEC TO 13TH DEC 2019
Shares of YES Bank dipped 5.5 per cent to Rs 58.70 on the BSE on Friday after Moodys downgraded the banks long-term foreign-currency issuer rating to B2 from Ba3, as potentially stressed assets and low loss-absorbing buffers may add pressure to its funding and liquidity. The global rating agency assigned a negative outlook on the banks rating.
Vodafone Idea Ltd, Indias third largest mobile service provider, will shut down if the government does not provide relief on the liability it faces in past statutory dues following a Supreme Court order, its billionaire chairman Kumar Mangalam Birla said on Friday. "If we we are not getting anything then I think it is end of story for Vodafone Idea," Birla said at the HT Leadership Summit when asked about the future of Vodafone Idea in absence of a government relief on payment of Rs 53,038 crore dues.
Shares of Mahindra & Mahindra (M&M) slipped 2 per cent to Rs 512 on the BSE on Friday and was trading close to its 52-week low level. The car & utility vehicles makers stock is less than 2 percent away from its 52-week low price of Rs 503, touched on August 14, in intra-day trade.
Shares of Eris Lifesciences hit a five-month high of Rs 473, up 7 percent on the BSE on Friday, in an otherwise range-bound market. The stock of the pharmaceutical company was trading at its highest level since July 2019. In comparison, the S&P BSE Sensex was down 0.20 per cent at 40,699 points at 11:17 am. On Tuesday, the company announced the acquisition of the trademark Zomelis, for Vildagliptin-based formulations, and its associated trademarks from Novartis AG, Switzerland, for a consideration of $13 million (roughly Rs 93 crore).
Shares of public sector banks were trading lower for the second straight day, with Nifty PSU Bank index down 3 percent on Friday, as investors booked profit on fears of weak economic growth. The index was ended 2 percent lower on Thursday.
S N Burman, vice-president (sales, marketing, and service-passenger vehicles) at Tata Motors, has resigned from his position, according to a source. His resignation comes amid floundering sales at the firm.
NIFTY TOP GAINERS/LOOSERS
Recommendation: - NIFTY IS ON MAKING ROUNDING TOP PATTERN SUPPORT REVERSAL BULLISH TREND SHOW BUY ON DEEPS BUY SIGNAL. SO, TRADER CAN BUY ABOVE 11980 TGT -12030 TG-12080 TG 12130-SL-11910
Recommendation: - NIFTY BANK IS DOWN TECHNICAL CHARTS SHOWS DARC CLOUD COVER PATTERN BRAEKOUT SHOW BUY SINGLE. SO, TRADER CAN MAKE THEIR POSITION SELL BELOW 31350 TGT-31250 TG-31150 TG-32350 SL-31500
CALL OF THE WEEK:-
RECOMMENDATION – AS YOU SEEN IN THE CHARTS THAT BREAKOUT DOWN TREND LINE SHOWS BUY SIGNAL SO TRADER CAN MAKE THEIR POSITION BUY 563 TGT- 573 TG-583 TG- 593 SL 550
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