Technical analysts said that an attempt of bulls to make a comeback from the lows went into toss and the market followed the downtrend continuation pattern as per the long term charts.
Following a bear attack in the previous session, domestic equity market benchmarks BSE Sensex and Nifty 50 were once again eyeing a negative start on Monday. Nifty futures tanked 83.50 points or half a per cent to 16,935.50 on Singaporean Exchange suggesting a gap-down opening. In the previous session, BSE Sensex dived 889 points or 1.54 per cent lower to 57,011 while NSE Nifty 50 closed 263 points or 1.53 per cent to settle at 16,985. Technical analysts said that an attempt of bulls to make a comeback from the lows went into toss and the market followed the downtrend continuation pattern as per the long term charts. “One may expect further weakness down to 16,750 and lower by next week. Immediate resistance is placed at 17180 levels,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said.
Stocks to watch
Shriram Properties: Shriram Properties shares will make their stock market debut on Monday, 20 December 2021. The Rs 600-crore initial public offering was subscribed 4.6 times. The public issue comprised fresh issuance of equity shares worth Rs 250 crore and an offer for sale (OFS) of Rs 350 crore.
RateGain Travel Technologies: Goldman Sachs Funds bought 7.19 lakh shares of newly-listed RateGain Travel Technologies at Rs 361.7 apiece through a bulk deal on NSE on Friday. In another transaction, Edelweiss Mutual Fund sold 6.82 lakh shares of the company at Rs 360.7 apiece through a bulk deal on the NSE.
Bharti Airtel: Bharti Airtel said that it has paid Rs 15,519 crore to the Department of Telecom (Government of India) towards prepayment of the entire deferred liabilities pertaining to spectrum acquired in auction of year 2014. The company had acquired 128.4 MHz spectrum (including Telenor spectrum) for a consideration of Rs 19,051 crore in the 2014 auction.
ITC: ITC has acquired 100 equity shares of Rs 10 each and 940 Compulsorily Convertible Preference Shares of Rs 10 each of Mother Sparsh Baby Care Private Ltd, representing 8.70 per cent of its share capital on a fully diluted basis.
Zomato: Zomato has completed the acquisition of 7.89 per cent of Bigfoot Retail Solutions, a logistics startup with a brand name Shiprocket.
ZEEL: Zee Entertainment Enterprises (ZEEL) is in the final stages of completing the due diligence for its proposed merger with Sony Pictures Networks India (SPNI), a subsidiary of Japan’s Sony Corp, as the December 22 deadline draws close. Both companies had entered into a 90-day due diligence process on September 22, following the announcement of a merger.
ONGC: During the first half of the current fiscal (April to September), OPaL (ONGC Petro additions Ltd), the venture of ONGC, made a profit after tax of Rs 18 crore. ONGC Chairman and Managing Director Subhash Kumar said OPaL is in the process of exiting from the SEZ which would improve the profitability by Rs 800 crore per annum.
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