Banknifty was first to go in green. As expected, Nifty hasheld 17,200. Expected 17,550 and 17,854 from here. StayLong. Stay Bullish.
Nifty support lies in 17200-17500 Zone
Investors remained upbeat in the auto space with heavyweights showcasing some significant up move, whereas the Banking and IT sector witnessed some cool off post strong performance since the last couple of trading sessions. There could be some thematic changes that could be seen soon. Hence, it is advised to focus more on the stock-specific front rather than broader indices.
Shares of Godrej Properties shed 10%, the steepest intraday decline in at least a year, after analysts reduced targets and remained cautious on the stock after it reported a subdued quarter, in which pre-sales volumes declined 7% YoY.
Analysts expect the partnership with DB Realty to be a near-term overhang until there is project visibility.
Of the 20 analysts tracking the company, two maintained ‘buy’, six maintained ‘hold’ and 12 maintained ‘sell’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 6.2%
Trading volume on the stock was nearly 22 times the 30-day average volume at this time of the day. Share price crossed below the 200-day simple moving average, indicating potential downward price momentum.
Source: Bloomberg, Brokerage note, Exchange filing
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