Top Stocks To Watch Out For Today: Indian equity benchmark indices Sensex fell by 505 points at close on 7 July while Nifty declined to the 19,330 level due to profit-taking in financial, IT and oil shares after a record-breaking rally and weak global trends.
The BSE Sensex slipped 505 points or 0.77 per cent ot close at 65,280.45, while the NSE Nifty 50 settled 165.50 points or 0.65 per cent lower at 19,331.80.
"Technically this pattern indicates rejection of bulls at the new highs. This could also be considered as a short-term top reversal pattern," Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said.
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The present weakness could be considered as a higher top reversal of the pattern. "Immediate supports like ascending resistance line as per change in polarity and daily 10 period EMA (exponential moving average) are placed around 19,200 levels, which could be an immediate cluster support for the market on further weakness," he added.
Top Stocks To Watch For 10 July:
Reliance Industries
Mukesh Ambani’s daughter Isha Ambani and former CAG Rajiv Mehrishi have been appoined as directors on the board of demerged financial services business of the oil-to-telecom conglomerate. Reliance will demerge its financial services undertaking into Reliance Strategic Investments Limited (RSIL) and list its as Jio Financial Services Limited (JFSL).
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HDFC Bank
The bank has announced its plan to participate in the initia public offering of the National Securities Depository Limited (NSDL). HDFC Bank will sell 2 per cent stake in NSDL. In addition, the bank will announce its Q1 results for fiscal 2023-24 on 12 July.
Indian Oil
Indian Oil Corporation Limited is planning to raise Rs 22,000 crore through a rights issue. The board has approved the capital raising, the fuel retailer said in a statement on Friday. The board approved “raising of capital by way of the issue of equity shares on rights basis up to an amount not exceeding ₹22,000 crore, subject to necessary statutory approvals".
Cyient DLM
The electronics manufacturing services and solutions company will be listing on the stock exchanges on 10 July. The final issue price has been determined at Rs 265 per share.
Samvardhana Motherson
The auto component maker has signed an agreement to fully acquire Bengaluru-based Rollon Hydraulics for an undisclosed amount. Rollon is involved in manufacturing, assembly, and supply of high-precision turned parts, spools, and other machined components with critical engineering applications for the agriculture and off-highway segment from its two facilities based out of Bengaluru.
