Analysts say that the 16980 levels would be a sacrosanct support level for the swing traders, and above the same, the uptrend momentum could continue up to 17200.
Nifty futures were trading flat with a negative bias on Singaporean Exchange, suggesting a gap-down start for BSE Sensex and Nifty 50 on Wednesday. Investors will first react to GDP numbers released yesterday. India’s economy grew by 20.1% during the April-June quarter of this financial year, as against a 24.4% contraction seen during the same period last year. Analysts say that the 16980 levels would be a sacrosanct support level for the swing traders, and above the same, the uptrend momentum could continue up to 17200. “On an extended rally, the upside may continue further, which could lift the index up to 17275. On the flip side, a strong possibility of a quick intraday correction up to 16900 is not ruled out if the index succeeds to trade below the 16980 support level,” Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities Ltd, said.
Stocks to watch
Wipro: Wipro and HERE Technologies announced that they are partnering to offer location-based services, to customers from Energy & Utilities, Manufacturing, Transport & Logistics, Telecom and Automotive industry verticals. As part of this announcement, Wipro and HERE will be jointly developing solutions in the areas of asset tracking, logistics, supply chain, smart-metering and analytics, field workforce management, and private mapping-as-a-service for indoor and outdoor real-time asset tracking.
- HCL Tech, Infosys, Reliance, Wipro, Zee Entertainment, Mindtree, Coal India stocks in focus
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- Reliance Industries, Tata Motors, ONGC, Oil India, Infosys, Wipro, Mindtree, Coal India stocks in focus
Coal India: The coal ministry said on Tuesday state-run Coal India (CIL) has raised coal supply to 1.7 million tonne per day over the last five days of August to address the shortage of raw material to fuel power. The average offtake recorded in August last year was 1.4 million tonne per day.
Bank of India: Bank of India on Tuesday announced the closure of its QIP issue and said that it has raised Rs 2,550 crore by issuing more than 40.5 crore shares to the qualified institutional buyers.
Yes Bank: The private lender appointed Atul Malik and Rekha Murthy as non-executive directors to its board. The size of the board now expanded to 10, a bank said.
Maruti Suzuki: Maruti Suzuki said that owing to a supply constraint of electronic components due to the semiconductor shortage situation, the company is expecting an adverse impact on vehicle production in the month of September in both Haryana and its contract manufacturing company, Suzuki Motor Gujarat Pvt. Ltd. (SMG) in Gujarat.
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