Gladiator Stocks - Metals to outshine post multi-year breakout. - ICICI Direct
Posted On: 2021-02-26 00:50:15 (Time Zone: Arizona, USA)
Metal index has outperformed the benchmark throughout current rally since March 2020. Recently it resolved out of two months consolidation, indicating resumption of primary up trend. This rejuvenation of upward momentum augurs well for Metal index to challenge its all-time high of 2018 and result in multi-year consolidation breakout.
Tata Steel
Technical View
- The stock is breaking above its multi-year highs of CY 2010 (Rs. 704), CY 2011 (Rs. 702) and CY 2018 (Rs. 755) highlighting strength and structural turnaround thus offers fresh entry opportunity
- We expect the stock to continue with its positive momentum and head towards Rs. 845 levels as it is the 123.6% external retracement of the entire previous decline (Rs. 755-251) which also confluence with the measuring implication of the range breakout of last seven weeks (Rs. 731-596)
Read more about NMDC shines on restarted operations at Donimalai mine on Business Standard. NMDC advanced 2.04% to Rs 122.40 after the state-run firm said that its Donimalai iron ore mine has restarted operations.
Ambuja Cements reported 23.64% rise in consolidated net profit to Rs 732 crore on 5.55% rise in net sales to Rs 7350 crore in Q4 December 2020 over Q4 December 2019.
The board of directors of ACC has approved the renewal of the existing Master Supply Agreement (MSA) with Ambuja Cements (ACL) for a period of 3 years w.e.f. May 02, 2021, on the same terms of the existing MSA Agreement.
DLF said its material subsidiary DLF Cyber City Developers (DCCDL) has completed the acquisition of this 51.8% stake at a consideration of Rs 779.40 crore and consequently Fairleaf has become a wholly owned subsidiary of DCCDL with effect from 18th February 2021.
Domestic indices declined for fourth consecutive session on Friday. Rising COVID-19 case and mixed global cues triggered profit selling in domestic shares. The Nifty ended below the 15,000 mark. Banks, metals and pharma shares tumbled.
As per the provisional closing data, the barometer index, the S&P BSE Sensex, dropped 434.93 points or 0.85% at 50,889.44. The Nifty 50 index lost 137.2 points or 0.91% at 14,981.65.
Selling was broad based. The S&P BSE Mid-Cap index slipped 1.48% while the S&P BSE Small-Cap index fell 0.56%.
Sellers outnumbered buyers. On the BSE, 1,206 shares rose and 1,750 shares fell. A total of 175 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 903.07 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,217.34 crore in the Indian equity market on 18 February 2021, provisional data showed.
NMDC share rises 3% as firm resumes work at Donimalai mine
The public sector enterprise resumed production of iron ore in Donimalai after it suspended mining in December 2018, due to a legal battle with the Karnataka government over the issue of imposition of premium on the sale price of the iron ore
BusinessToday.In | February 19, 2021 | Updated 13:23 IST
NMDC stock is trading higher than 5, 20, 50, 100 and 200-day moving averages. The stock rose 7.9% in the last 4 days
NMDC share was trading 3% higher in Friday s volatile session after the state-owned company resumed production of iron ore from Donimalai mine in Karnataka.
The public sector enterprise resumed production of iron ore in Donimalai after it suspended mining in December 2018, due to a legal battle with the Karnataka government over the issue of imposition of premium on the sale price of the iron ore.