Nifty forms 'Hammer' pattern, ends below 10,800; focus on stock specific opportunities

It was another rangebound session for the market on Friday as traders await more December quarter earnings. The Nifty50 closed lower for the second consecutive session despite positive Asian cues, dragged by select banks and auto stocks.

The index closed below 10,800 levels and formed 'Hammer' kind of pattern on the daily charts (which also resembles 'Hanging Man' pattern) and showed 'Doji' formation on the weekly scale. For the week, the Nifty gained 0.6 percent.

After the rangebound trade for last few sessions, the index is expected to show direction on either side in coming week, experts said, adding earnings could be key reason for the move.

The Nifty50 after opening marginally higher hit a day's high of 10,850.15, but in morning itself, it drifted lower to touch an intraday low of 10,739.40 followed by small recovery from day's low in late trade. The index was down 26.60 points to close at 10,795.

"Nifty50 registered a Hammer formation before signing off the last session of the week as it smartly recovered from day's low of 10,739 levels where as weekly chart registered a 'Doji' with positive close after moving in a narrow range of 137 points throughout the week," Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in told Moneycontrol.

Source:https://www.moneycontrol.com/news/business/markets/technical-view-nifty-forms-hammer-pattern-ends-below-10800-focus-on-stock-specific-opportunities-3380821.html

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Sensex starts on a flat note, Nifty holds 10,800; TCS down 1% post Q3 show

Market opens It is a flat start to the market on Friday morning, with the Nifty holding 10,800-mark. 

The Nifty IT index is down around half a percent, with TCS dragging around 1 percent. Banks, consumption and metals were the other big gainers. The Nifty midcap index is up one-tenth of a percent. 

The Sensex is up 48.99 points or 0.14% at 36155.49, while the Nifty is higher by 9.10 points or 0.08% at 10830.70. The market breadth was positive as 301 shares advanced, against a decline of 115 shares, while 32 shares were unchanged.

Yes Bank and ITC are the top gainers, while TCS, Power Grid, and Bharti Airtel lost the most.

Rupee Update: The Indian rupee opened flat at 70.42 per dollar on Friday versus Thursday's close 70.41.

Source:https://www.moneycontrol.com/news/business/markets/stock-share-live-updates-market-live-sensex-starts-on-a-flat-note-nifty-holds-10800-tcs-down-1-post-q3-show-3377521.html

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Tata Steel may retain up to 30% stake in South East Asian units

In a possible tweak to its strategy, Tata Steel may retain up to 30 percent of its shareholding in its South East Asian units, which had been put on the block.

Sources told Moneycontrol that the slight tweak means that Tata Steel is now looking for a partner and not a downright buyer.

The units include the Singapore-based NatSteel Holdings and Tata Steel (Thailand).

Earlier this week, media reports said the steel major was in talks with China's Hesteel Group. The Chinese company is the second largest steelmaker in the country.

In response to a query on the development, Tata Steel said: “In pursuit of its long-term strategy to create sustainable value for its shareholders, Tata Steel periodically undertakes strategic assessment and review of its portfolio including overseas business.

"Tata Steel will continue to consider all strategic decisions including portfolio restructuring options in a responsible manner taking into account the interests of stakeholders including employees. However, as there is no firm proposal for consideration currently, the company has no further comment to make in this matter.”

The stake sale is part of Tata Steel's strategy under CEO and Managing Director TV Narendran to refocus its energy and resources into India. Even as it looks to dilute stake in its South East Asian units, Tata Steel has forged a joint venture with thyssenkrupp for its European operations.

Now it wants to possibly follow the JV model in South East Asia too.

Source:https://www.moneycontrol.com/news/business/change-in-plans-tata-steel-may-retain-up-to-30-stake-in-south-east-asian-units-3373131.html

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