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NIFTY analysis with experts, Mahindra inks a new pact, Indian markets move steadily…. Market updates for 20/12/18

PurpleTrades - stock market courses > News > NIFTY analysis with experts, Mahindra inks a new pact, Indian markets move steadily…. Market updates for 20/12/18

Report by- Sabyasachi Bhattacharya

 

Mahindra inks pact to increase its equity in associate firm Sampo to 49.04% –

Mahindra and Mahindra said on Monday it has inked a share subscription agreement with its Finland-based associate firm Sampo Rosenlew to increase its stake to 49.04 percent from the existing 35 percent for Rs 37.74 crore. “The company has signed a Share Subscription Agreement with Sampo Rosenlew Oy, Finland, an Associate of the Company (“Sampo”) and has agreed to subscribe to 822 equity shares and 192 compulsorily convertible preference shares. Pursuant to this, the voting rights of the Company in Sampo would increase from 35 percent to up to 49.04 percent,” a BSE filing said. According to statement total acquisition cost is Euro 46,59,534 (equivalent to around Rs 37.74 crore at the foreign exchange rate of Rs 81 per Euro). It will acquire 822 equity shares at Euro 3,333 per share and 192 CCPS at Euro 9,999 per CCPS. The acquisition of share would be completed in four weeks. The Sampo was founded in 1853 and is based out of Pori, Finland. Sampo is a manufacturer of combine harvesters and forest machinery with market presence in Europe, CIS and Algeria. Sampo is a European combine harvester company, well-known for mid-sized combine harvesters in the markets of Europe, Eurasian countries and North Africa and is also a joint venture partner for combine harvesters in Algeria. Together with its existing strategy in the core markets, Sampo is developing a new range of combine harvesters for developing markets and for specialty crops. The Company and Sampo will jointly focus on the combine & specialty harvester business in Asia, Africa and Eurasian Economic Union countries and Latin America. The Sampo had a total revenue of Euro 52 million during the period October, 2017 to September, 2018, it added.

Source- MoneyControl, Purple Trades Research Department   

 

 

 

Indian markets hold on to 10,951 levels-

Chart source- Upstox

Indian markets had a mixed outing today as the Indian Index Nifty had a major GAP_DOWN after which it started moving upwards slowly. The Index did find a support at the day’s lows during late morning session and soon started moving upwards in a swinging manner. Although the Index ended up in the red but it posted a Bullish natured candle on the daily charts which means only one thing i.e. BULLS have not given up just yet and the Index can surely show bullish behavior for the coming weeks. Benchmark indices erased most of its losses and ended near day’s high with Nifty closed above 10,950 level. At the close the Sensex was down 52.66 points or 0.14% at 36431.67, while Nifty was down 15.60 points or 0.14% at 10951.70. About 1218 shares have advanced, 1344 shares declined, and 167 shares are unchanged.  HDFC Bank, HDFC, Infosys, ITS and Kotak Mahindra Bank are the positive contributors to the Sensex. Among the sectors, auto, infra, and pharma ended in green, while PSU bank, metal, energy, FMCG and IT index was down between 0.20 to 1 percent. The Nifty also managed to hold on to its crucial support placed at 10,900-10,950, which is a positive sign for the bulls and is on the way to touch 11000 in 2018 itself. Even though the momentum remains fairly strong as the market was able to absorb much of the selling pressure after a gap-down start, technical chartists advise investors to remain cautious as we are trading near crucial resistance levels. On the options front, maximum Put OI is placed at 10000 followed by 10500 strikes while maximum Call OI is at 11000 followed by 11200 strikes. Put writing is seen at 10900 followed by 10850 strikes while Call writing is seen at 11200 followed by 11100 strikes. The Options band signifies a trading range in between 10800 to 11080 zones. India VIX fell down by 2.23 percent at 14.33 levels. Overall volatility fell down sharply from higher levels in the last eight trading sessions with a surge in Put Call Ratio which suggests overall bulls grip in the market.

 

 

 

 

 

Let’s take a look at the heat map-

 

Let’s take a look at the performance of major Indices-

Global markets had a Bearish day today as most of the major Indices were seen in the RED. NASDAQ along with CAC, FTSE, DAX and Asian Indices such as Straits Times and Hang Seng, KOSPI were all seen in the RED.

Source- MoneyControl, Purple Trades Research Department   

 

 

Key Points for Traders to watch out for while trading Nifty tomorrow-

  • 10,950 is a short term support for Nifty.
  • If Nifty breaks 10,950 then it has the potential to go down.
  • 10,980 is a short term resistance for Nifty.
  • If Nifty breaks 10,980 then it has the potential to go up.

 

Top sectors that moved the market today-                            Data source- Moneycontrol

 

 

 

Top Gainers for today-                                                                                        Data source- Moneycontrol

 

 

 

Top losers for today-                                                               Data source- Moneycontrol

 

 

 

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