News for Sundram Fasteners Limited (SUNDRMFAST.BO)

Stocks of auto OEMs and component makers have fallen sharply due to FII sell-offs and earnings downgrade expectations. The upcoming Union Budget is anticipated to address industry demands for GST rate simplification, hybrid vehicle GST reduction, and improved PLI schemes. Despite superior 1-year returns, the BSE Auto index has struggled over the past six months.

Over 40 companies will have their shares trade ex-dividend, with actions such as dividend payouts, bonus issues, amalgamations, and stock splits scheduled for the next five days.

Indian indices extended their losing streak for the sixth consecutive session, dragged by corporate earnings concerns and Middle East tensions. Nifty fell 0.87% to 24,795, and Sensex dropped 0.78%. Analyst Rupak De sees a bearish trend, with support at 25,400. Jatin Gedia sees a short-term target of 24,500.

Existing largecaps likeICICI Prudential Life Insurance Company, ICICI Lombard General Insurance Company, Polycab India, SRF, Marico, SBI Cards & Payment Services and Berger Paints are likely to lose their tags.

Nifty ended about 39 points lower on Tuesday to form a Shooting Star pattern on the daily chart to indicate strong possibility of further weakness from current levels.

Nifty on Tuesday ended flat to form an indecisive Doji candle on the daily charts. The immediate resistance for Nifty is at 22,500, and a break above this on a closing basis would signal a resumption of the upward movement.

Nifty on Wednesday ended 118 points higher to form a long bull candle with a long lower shadow on the daily charts. The headline index ended at a record closing high which was above the 21EMA on the daily scale.

"Nifty formed a bearish candle with a substantial body in the daily chart. The Donchian Channels, which identify bullish and bearish extremes, indicate that Nifty is holding its middle band. Key support levels are identified at 21,400, while resistance is placed at 21,700 levels," said Om Mehra, Technical Analyst, SAMCO Securities.

Based on the OI percentage, 83 stocks were on the short-covering list. These include Manappuram Finance, MRF, Indiabulls Housing Finance, Bosch, and Dalmia Bharat.

Sharekhan is bullish on Sundram Fasteners has recommended buy rating on the stock with a target price of Rs 1460 in its research report dated November 08, 2023.

"Prior to the FOMC meeting, the index faced selling pressure from higher levels but successfully held the 18,940 support level. Immediate resistance on the upside is identified at 19,100, and a breakout above this level may trigger short-covering moves toward the 19,250-19,300 range

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Based on the OI percentage, 98 stocks, including Firstsource Solutions, Max Financial Services, Crompton Greaves Consumer Electricals, Oracle Financial, and Astral, witnessed a long unwinding.

Based on the OI percentage, 71 stocks were on the short-covering list. These included Nestle India, Hindalco Industries, JK Cement, Intellect Design Arena, and Gujarat Gas

Budget day Stock Market News: The market is likely to open in the green as trends in the SGX Nifty indicate a gap-up opening for the broader index in India with a gain of 130 points on the back of positive macro fundamentals and growing interest over the upcoming Budget announcements

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