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Analysts positive on Bank Nifty, advise picking up stocks on dips
Bank Nifty index has been outperforming the benchmark Nifty. It has gained 4% in the past one month and 16% YTD. In comparison, Nifty is up less than 2% both on a one-month and YTD basis
The Bank Nifty index has been outperforming the benchmark Nifty. It has gained 4 per cent in the past one month and 16 per cent year-to-date (YTD). In comparison, the Nifty is up less than 2 per cent both on a one-month and YTD basis. Technical analysts say investors use the weakness in the banking stocks as a buying opportunity. “The index remains in a buy-on-dip mode with strong support at the 40,500-40,000 zone where aggressive put writing has been witnessed. The index once breaches above 41,500 will witness an extension of the up move towards 42,000 where the highest open interest is built up on the call side," said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities. The Bank Nifty index last closed at 41,123.
DCX GMP at 20%
Shares of DCX Systems are changing hands at a premium of 20 per cent ahead of its IPO. The company has set a price band of Rs 197-207 for its maiden offering, which will remain open from October 31 to November 2. Market players said the shares of the company were changing hands around Rs 250 in the unofficial grey market. DCX’s IPO comprises Rs 400 crore fresh fund raise and Rs 100 crore offer for sale. DCX operates in the defense sector. It is a manufacturer of radar systems, sensors, and electronic warfare. It also manufactures cable harness assemblies and assembly-ready kits of electronic and electro-mechanical parts.
Holiday break at SAT
The Securities Appellate Tribunal (SAT) will next hear matters on October 31, after a gap of nine days with regards to Diwali festivities. The Diwali week is among seven such week-long non-sitting days for the bench in SAT this calendar year. The next such long break will be during the Christmas week when the bench will have a week on non-sitting days. Lawyers say the long breaks often impact cases where they need to be heard urgently. Recently, Bombay Dyeing and its promoter Nusli Wadia had stated that they may move SAT against an order passed by Sebi barring them from the capital market and prohibited from being associated as a director or key managerial personnel in a listed company.
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