“For Positional Traders: Bank Nifty looks good for a reversal. Its didn’t break yesterday’s low. PSU Banks holding strong in a negative market,” said Rahul Sharma, Director & Head – Research, JM Financial.
Top gainers
Power Grip was up 3.64%, followed by Bharti Airtel, Ultratech Cement, Maruti Suzuki India, NTPC, and State Bank of India.
Nifty slips below 17800
Nifty trend continues to remain downwards as the index slipped below 17800 support on Thursday.
Fund Managers maintain bullish stand on stocks, BofA survey shows; expect inflation to fall in 2022
Global fund managers continue to remain bullish on equities with a net 55% overweight on the asset class, said Bank of America’s (BofA) Global Fund Manager Survey. The monthly survey by BofA, where 329 CIOs, portfolio managers, and equity strategists participated, showed that a majority of investors believe global inflation is still transitory and not permanent. Even though the US Federal Reserve has hinted at a faster than expected tightening of policy measures, fund managers have maintained their overweight position in equities. However, they have moved towards banks and commodities while trimming their allocation in technology to the lowest since December of 2008.
17800 support for Nifty
“For the day, bias remains negative as Nifty broke technical support of 17,950. Nifty next support placed at 17,800. Expiry likely to be in the range of 17,900 to 18,000 as per current data,” said Rahul Sharma, Director & Head – Research, JM Financial.
Mastek Logs Steepest Intraday Decline In Three Months
Shares of Mastek Ltd. fell as much as 13.73% in intraday trade to Rs 2,776.75 apiece, after the company reported its Q3 earnings.
December Quarter Numbers (Consolidated, QoQ)
- Net profit up 2.23% QoQ at Rs 83.45 crore vs Rs 81.63 crore
- Revenue up 3.37% QoQ at Rs 551.91 crore vs Rs 533.93 crore
- Total expenses at Rs 447.83 crore vs Rs 433.39 crore.
- Other income at Rs 5.74 crore vs Rs 7.71 crore
All three analysts tracking the company maintained ‘buy’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 19.1%.
- Trading volume on the stock was nearly eight times the 30-day average volume, at this time of the day.
- Share price crossed below 50-day simple moving average, indicating potential downward price momentum.
Source: Exchange Filing, Bloomberg
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