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Kotak Securities on NARCL
The government has announced a guarantee scheme on the investment receipts issued by the National Asset Reconstruction Company (NARCL), which can make the security receipts a transferrable instrument.
We are quite closer to the formation of the bad bank. The NPLs (written-off or otherwise) exchanged for security receipts are fully provided but we don’t expect banks to reverse provisions.
Faster resolutions of some of the bad loans and senior management bandwidth release to solve these bad loans are probably the best possible outcomes of the formation of NARCL.
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prices. Market benchmark the Sensex hit a fresh record high of 59,582.36 in the early deals.
These stocks are witnessing an increase in open interest along with an increase in price: An increase in open interest along with an increase in price mostly indicates long positions being built up, except for very weak stocks where some traders may short the stock on a rally.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
The Nifty has opened in fine fettle and has achieved the immediate target of 17,750. A pause at the current levels cannot be ruled out. However, if we can sustain these levels, traders can accumulate long positions on intraday corrections for a new target of 17,950. The market has good support at 17,500.
Market update at 10 AM: Sensex is up 427.72 points or 0.72% at 59568.88, and the Nifty jumped 114.50 points or 0.65% at 17744. Bajaj Finance and Bajaj Finserv are the top gainers while Adani Transmission and IRCTC are the most active stocks.
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Analysts don’t advise fresh buying at this stage, given the massive run-up so far, and some are of the view that October could be a ‘month of correction’
Ravindra Rao,CMT, EPAT, VP- Head Commodity Research at Kotak Securities: COMEX gold trades little changed near $1756/oz after a sharp 2.1% decline yesterday. Weighing on gold is upbeat US economic data which strengthened the case for Fed’s monetary tightening. However, supporting price is rising inflation concerns, persisting virus risks, concerns about the health of the Chinese economy and increased geopolitical tensions. ETF inflows also showed some buying interest at lower levels however the pace was modest. Gold’s sharp fall has dented market sentiment however we believe that market reaction to US data was exaggerated and price may stabilize near $1750/oz level.
Market at open: Sensex is up 281.23 points or 0.48% at 59422.39, and the Nifty added 79.70 points or 0.45% at 17709.20.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: The market is now driven by momentum with valuations on the back burner. Even FIIs who were skeptical about valuations and sold heavily in July have come back strongly and are chasing the momentum. FIIs have invested Rs 5344 cr in the cash market during the last three days. Nifty has now appreciated by around 10000 points from the March 2020 lows. Even die-hard bulls would not have foreseen such a ferocious rally. Now the bulls are unlikely to let go off their grip on the market till 18000 on the Nifty/ 60000 on Sensex is reached.
In 2021, till date, the Nifty IT has been outperforming the Nifty while Bank Nifty has been underperforming. There is a possibility of change in leadership of the market away from IT, perhaps to banks. The announcement of the ‘bad bank’ road map and govt guarantees for security receipts to be issued by the NARCL will improve the prospects of banks, going forward.
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Key support levels for Nifty are 17,254 (2-week low) and 16,722 (gap support). On the upside, key resistance levels are 18,111 (50 percent extension level of the rise from 7,511-15,431, projected from…
$1 trillion+ has flowed into global stocks in 2021. That’s bigger than the total money ($800 billion) that has come in the last 20 years!
Link: https://t.co/kbOeqgFmeM pic.twitter.com/sFin6XByio
— Radhika Gupta (@iRadhikaGupta) September 16, 2021
