Nifty trend for Wednesday and stocks in news: Lakshmi Vilas Bank, Just Dial, Wipro, DLF, Infosys, Birlasoft and L&T

The bulls have logged hat-trick of gains on Tuesday and ended the session at another record closing high.  The phrase ‘market hit a new peak’ has become such a standard remark on D-Street over the last week or so. The Bulls started off the session in their swag with a gap-up opening and well above 12,900 mark, however, soon it tapered off and filled the opening gap as it touched a low of 12,797 and thereafter it traded within a range of 84 points.

The price action of the day formed a small bodied bearish candle which resembles to a Hanging Man pattern. A Hanging Man is a bearish reversal candlestick pattern which is usually formed at the end of the uptrend or at the top. Further, the Nifty has closed below its opening level for the past two trading sessions. Even though these clues are pointing towards weakness, we cannot be bearish as long as it does not close below the prior bar low. Until Nifty actually starts closing below prior bar low, dips are likely to attract buying and this is what we had seen on Tuesday session.

Nifty has immediate support placed in the region of 12,740-12,780 as long as this support is intact buying on dips would be a prudent strategy. On Other hand, targets on upside are placed in the region of 13,000-13,220.

Formation of hanging man pattern and back to back close below open giving signs of exhaustion of bulls and further many of the indicators have reached overbought conditions, we could enter into a consolidation phase, where we would see a stock specific action. 

Lakshmi Vilas Bank: The Lakshmi Vilas Bank placed under Moratorium.

Just Dial: Company in response to media article published on November 17, 2020 by The Economic Times (e-paper version) regarding investigation order by Hon'ble Delhi High Court (“the Court”) order pertaining to alleged data theft by Just Dial Limited (“the Company”). Has clarified that the aforesaid order was passed ex parte and as on date the Company has not been served with a complete set of paperwork. The Company is pursuing all legal remedies in the Court to counter / address absolutely baseless and frivolous allegations filed by Indiamart Intermesh Limited pertaining to launch of its proposed B2B project – JD Mart.

Wipro: Wipro’s Annual State of Cybersecurity Report Finds Increasing Adoption of AI in Cybersecurity to Tackle Advanced Adversaries.

DLF: DLF Ltd debuts on Dow Jones Sustainability Index (DJSI) 2020 in the Emerging Markets category Ranks 18th amongst 250 real estate companies across the world for its ESG practices.

Infosys: Infosys has partnered with the Ellen MacArthur Foundation charity. The organisations will work together to accelerate the global transition to a circular economy.

Birlasoft: Incorta and Birlasoft announced their partnership to help organizations transform voluminous data into actionable insights with unprecedented speed and accuracy.

L&T: L&T delivered the first hardware, a booster segment, for Gaganyaan Launch Vehicle to ISRO ahead of schedule in a virtual flag-off ceremony presided over by Dr. K Sivan, Chairman, Indian Space Research Organisation (ISRO).