Tech Take: Nifty to target 16,300-16,600 in near term
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Synopsis Nifty ended up 245.60 points, or 1.55%, at 16,130.75 after touching an all-time high of 16,146.90 during the day. Technical analysts advise putting money in fast-moving consumer goods, IT, metals and real estate companies.
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Mumbai: Nifty could head to 16,300-16,600 in the near term after breaking the elusive 16,000-barrier. The index had been moving in a band of 15,500-15,900 for two months. It has now broken out of the zone and closed above 16,000, which has given further conviction that the rally will continue, said technical and derivatives analysts. Nifty ended up 245.60 points, or 1.55%, at 16,130.75 after touching an all-time high of 16,146.90 during the day. Technical analysts advise putting money in fast-moving consumer goods, IT, metals and real estate companies.
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Retail subscription in the latest two IPOs – Zomato and Tatva Chintan Pharma – is an evidence of their voracious appetite. Both the issues saw more than 32 lakh applications each, almost 5% of the total demat accounts in India. In the case of much-awaited Zomato, the retail category was lapped up within a couple of hours of the issue last week despite mixed commentary about its prospects.
The earlier two IPOs – Clean Science and GR Infraprojects – saw 23.5 lakh and 20 lakh applications, respectively, from retail investors. IPOs of 2021 such as Indigo Paints, RailTel Corporation, MTAR Technologies, Laxmi Organic and Nazara Technologies saw more than 20 lakh applications each from retail investors, a consistent trend that was never seen before.
Tatva Chintan Pharma Chem Shares In High Demand, IPO Subscribed Over 8 Times Tatva Chintan IPO: Retail investors were seen bidding for Tatva Chintan shares in large numbers as the portion reserved for them was subscribed 7.75 times.
Updated: July 19, 2021 1:01 pm IST
Tatva Chintan IPO: The Company is selling shares in the price band of Rs 1,073-1,083 per share.
Tatva Chintan Pharma Chem shares were in very high demand in the ongoing share sale via initial public offering (IPO) as the issue was subscribed over eight times by 11:40 am on the second day of the issue, data from stock exchanges showed. Tatva Chintan IPO received over 2.71 crore bids for 32.61 lakh shares on the offer, NSE data showed. More than 1.83 crore bids were received at the cut off price.
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