Nifty trend for Thursday and stocks in news: Indiabulls Housing Finance, Rain Industries and SBI Card

Nifty witnessed a roller-coaster ride on Wednesday amid a close contest in the US presidential election.

However, later, a bullish steroid shot came in the form of a fantastic recovery from Bank Nifty from the day’s low, and the blue-eyed boy of D-Street i.e. Reliance Industries gained just over 3 per cent; thereby, helping the indices to close above the 11,900 mark. Bank Nifty recovered almost 630 points from the day’s low.

The price action formed a sizable bullish candle, carrying higher high & higher low, and moreover, it closed near the upper end of the day’s range. Nifty has now reclaimed its 20-DMA and managed to record its best closing after October 23.

Currently, the index is placed right at the upper end of the falling channel and a move above this level would certainly open gates for Nifty to test the higher end of the broad range, which is placed at 12,025. And, an hourly close above this level would take Nifty towards the levels of 12,160 and 12,220.

On the other hand, a failure to hold above the 12,025 mark would definitely create some uneasiness for the bulls as in the past, despite multiple attempts, the bulls were not able to pierce this level. However, we believe that with buoyant cues from its global peers, Bank Nifty moving in top gear & Reliance Industries supporting the bulls might celebrate a closing above this level.

Besides, on the downside, the index has strong support placed in the region of 11,750-11,800, and as long as Nifty sustains above this level, be with a bullish bias. On the hourly chart for the first time after October 21, the RSI has managed to cross above the 60- mark, and interestingly, despite a strong move on Wednesday, the ADX on the hourly chart is in a falling trajectory and moreover, the +DI has flattened. On the daily chart, the RSI has yet to cross the 60-mark.

Overall, the price action suggests being with a bullish stance and looking for an immediate target of 12,025, followed by 12,220 in the near-term.

Indiabulls Housing Finance: Indiabulls Housing Finance has further sold a portion of its stake in OakNorth Holdings Ltd (the wholly-owning parent company of OakNorth Bank plc) for approximately Rs 64 crore. The sale proceeds will be accretive to the regulatory net worth and the CRAR of the Company.

Rain Industries: Rain Carbon Inc., a wholly-owned subsidiary of Rain Industries announced that calcination and energy production at its Lake Charles facility in Louisiana has been restored eight weeks after taking a direct hit from Category 4 Hurricane Laura on August 27.

SBI Card: SBI Card partners with Paytm to launch Paytm SBI Card.