Nifty trend for Friday and stocks in news: Reliance Industries, Jet Airways, Cupid, Matrimony and Inox Leisure
Nifty opened Thursday’s session with a swagger and managed to settle at 12,120 levels. With this, now, it is back to its pre-COVID level.
Barring Nifty Realty, all other sectoral indices ended in green wherein, Nifty Metal, Nifty Media, and Nifty PSU Bank emerged as the top gainers. Further, the market breadth was significantly in the favour of advancers as 1,347 stocks advanced while 491 stocks declined. India VIX crashed nearly 10 per cent and settled at 20.97.
On Thursday, Nifty formed a bullish candle with a gap-up opening and the opening gap remained unfilled. Technically, this could be considered as a bullish breakaway gap as the index was trading in a broad range since mid-October and resisted multiple times around the zone of 12,000-12,025. However, on Thursday, it broke out of the broad range with a gap-up. So, this is a positive sign for the index, which indicates that the bulls are in a commanding position.
Further, the index has also filled the first gap, which was created on February 24 amid the ‘act of God’ i.e. Pandemic. Now, there are no gaps to be filled on the upside. Nifty is currently trading 4.44 per cent above the 50-DMA and 2.26 per cent above the 20-DMA. Interestingly, it is 11.74 per cent above the 200-DMA and for the past 78 days, it is trading above it. However, the 200-DMA is still trending down.
Interestingly, the RSI has broken out of a channel and entered into bullish territory. Furthermore, the RSI is quoting at the 65 mark and it’s not yet in the overbought territory despite the fact that the index witnessed an upmove of 5 per cent from the low of October 30. Besides, the MACD has given a positive crossover.
Nonetheless, the level of 12,000-12,025 would act as an important support for the index in the near-term as per the rule of change in polarity i.e. previous resistance once breached acts as a support level. On the upside, targets are open towards the levels of 12,220, followed by an all-time high level. As long as the index stays above the 12,000-12,025 mark, be with a bullish bias.
Reliance Industries: Saudi Arabia's sovereign, Public Investment Fund (PIF) has signed definitive documentation to acquire a 2.04 per cent equity stake in Reliance Retail Ventures Limited (RRVL).
Jet Airways: The resolution professional of Jet has duly filed the resolution plan as approved by the committee of creditors (CoC) with National Company Law Tribunal, Mumbai Bench on November 5, 2020, in accordance with Section 30(6) of the Insolvency & Bankruptcy Code, 2016.
Cupid: Cupid is expanding its manufacturing base to medical diagnostic tests, which included rapid diagnostics tests and ELISA tests, both for domestic and exports.
Matrimony: The company launched a series of new services and features, which includes BharatMatrimony ‘Prime’, a membership service that offers 100 per cent ID-verified profiles, and a unique ‘SecureConnect’ feature that would help members to receive calls from prospects without revealing their mobile number.
Inox Leisure: The director of the company Siddharth Jain commented, “I am certain that the pent-up desire to wholeheartedly delight our guests will unlock a whole new world of entertaining experiences.”