homemarket NewsSelling pressure in Patanjali largely over, Shriram Finance may see a strong quarter: Dealing room check
Selling pressure in Patanjali largely over, Shriram Finance may see a strong quarter: Dealing room check
The Nifty 50 index gave up most of Friday's gains to begin the truncated week on a subdued note. The index ended just above the 19,500 mark.
Shares of Patanjali Foods ended little changed on Tuesday but above the flat line, ending higher for the second day in a row. The stock had gained on Friday as well, ending 1.4 percent higher.
Sources within the dealing rooms told CNBC-TV18 that the stock is currently consolidating as selling pressure from a long-only fund is largely over.
The stock had snapped a six-day losing streak on Friday, when it ended with gains. Shares are down nearly 5 percent over the last two weeks.
Poor Start To The Truncated Week
The Nifty 50 index gave up most of Friday's gains to begin the truncated week on a subdued note. The Nifty 50 ended just above the 19,500 mark.
Dealers said that the markets are trading with a negative bias due to weak global cues and that the Nifty 50 has a key support at the 19,500 mark.
Fund flows on the FII desk were mixed with broader markets being resilient. Financial stocks are well bid at the institutional desks, with housing finance companies outperforming in today's session.
Besides Patanjali Foods, these stocks made it to the dealing room chatter:
RR Kabel: The stock ended little changed on Tuesday after Friday's 10 percent surge. Dealers said that the stock is surging recently due to fund-based buying. They are also expecting high delivery volumes in the stock today.
Shriram Finance: Shares also ended flat on Tuesday and have gained in three out of the last four trading sessions. Dealers suggest that the stock has seen strong buy flows recently. Brokerage firm Citi has also opened a positive catalyst watch on the stock. Dealers also said that the street is expecting a strong September quarter for the company.
Dreamfolks: The stock ended 1 percent lower on Tuesday and snapped a four-day winning streak. The stock is now trading near its 200-Day Moving Average. Dealers said that selling pressure from a leading FII fund is largely over.
(Edited by : Hormaz Fatakia)
Note To Readers
Disclaimer: The stocks discussed in this article are based on unconfirmed reports from dealing rooms. It is advised to carry out your own due diligence before making any investment decision.
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