Stocks To Watch: TVS Motor, Reliance Infra, Firstsource Solutions, Torrent Power And More
Here are the stocks to watch before going into trade on Tuesday.
Image for representative purposes
(Source: Adam Śmigielski on Unsplash)
TVS Motor Co., Reliance Infrastructure Ltd., Firstsource Solutions Ltd., Torrent Power Ltd., are among the stocks in focus as markets open on Tuesday.
TVS Motor launched the 'Apache RR 310' at a starting price of Rs 2.75 lakh. Reliance Infrastructure announced in a stock exchange filing on Monday that its board will convene on Sept. 19 to deliberate on a proposal for a preferential share issue aimed at raising capital.
Firstsource partnered with Microsoft to provide digital solutions and services with the aid of 'Microsoft Azure OpenAI Service'. Under this new initiative, Firstsource will utilise Azure OpenAI Service, Azure AI Search, and Azure AI Language to provide generative AI powered solutions and business platforms that fully utilize the potential of enterprise data.
Torrent Power submitted two 'Shapath Patras' to the Ministry of New and Renewable Energy at the fourth edition of RE-Invest at Gandhinagar, it said in an exchange filing on Monday. The power utility company will achieve 10 gigawatts of installed renewable energy capacity by 2030, with an investment of Rs 57,000 crore.
The S&P BSE Sensex ended Monday's session at a record high, while the NSE Nifty 50 also closed higher, buoyed by gains in ICICI Bank Ltd. and Larsen & Toubro Ltd. Both the benchmark stock indices traded at fresh opening highs, before paring gains through midday.
The Nifty closed 27.25 points or 0.11%, higher at 25,383.75 and Sensex settled 97.84 points or 0.12%, higher at 82,988.78. Intraday, the Nifty and Sensex advanced as much as 0.35% each to 25,445.70 and 82,184.34, respectively.
For traders, the key support zones will be 25,350–25,300 for the Nifty and 82,900–82,700 for the Sensex, according to Shrikant Chouhan, head of equity research at Kotak Securities Ltd. The key resistance areas are seen at 25,500–25,575 and 83,300–83,600 for the two benchmark indices, respectively.
"However, below 25,300 and 82,700, the sentiment could change as traders may prefer to exit out from the trading long positions," he added. "The larger texture of the market is bullish, but we could see a range bound activity in the near future."
The 21-double exponential moving average support for Nifty is currently placed near 25,020. As long as Nifty stays above 25,000, a buy-on-dips strategy is advisable, with the potential for the index to test 25,600 in the short term, said Hrishikesh Yedve, assistant vice president of technical and derivatives research at Asit C Mehta Investment Interrmediates Ltd.
They also theorize that they could see a range bound activity in the near future. The Nifty appears to be forming a bullish pennant and pole formation where a strong move above 25,430 will be considered as a breakout point. In case of a breakout, the approximate target comes at 25,770, according to Aditya Gaggar, director of Progressive Share Brokers.
Going forward, an expected rate cut by the US Federal Reserve this week is likely to have a substantial impact on the global markets. "Hence, it is advisable to maintain a cautiously optimistic outlook and implement effective risk management strategies," said Osho Krishan, senior analyst of the technical and derivatives at Angel One Ltd.
Here Are The Stocks To Watch On Tuesday
TVS Motor: The company launched All New Apache RR 310 at starting price of Rs 2.75 lakh.
Firstsource Solutions: The company partnered with Microsoft for digital services.
Globus Spirits: The company launched its first single malt whisky under brand DŌAAB India Craft Whisky.
Torrent Power: The company entered a memorandum of understanding with the Gujarat government for execution of a 5 gigawatt solar, wind or solar-wind hybrid project at Dwarka district in Gujarat.
Tarmat: The company in 80:20 joint venture received Rs 139 crore order from Maharashtra Infrastructure Development Corp.
Carborundum Universal: The company to acquire US-based Silicon Carbide Products for $6.665 million (approx. Rs 56 crores).
Reliance Infrastructure: The company to consider fund raise on 19 Sept.
JK Tyre: The company approved the merger plan of Cavendish Industries with the company.
Indo Count Industries: The company unit bought 81% stake in Fluvitex USA for $19.63 million. Company has an exclusive option to buy the balance 19% for $4.6 million in the next five years.
Sandur Manganese: The company approved raising up to Rs 1,000 crore via QIP.
