Stocks To Watch Today –Wipro, LIC, ONGC, Tata Power

Stocks To Watch Today 

The Nifty opened a gap down and continues to trade lower throughout the session with the bearish formation of the lower top and lower bottom. It made a day low at 17468 in the final hour of the day and closed near that level indicating strong bearish sentiments of the market. Finally, it ended at the 17490.70 level (i.e. -1.51%)

On the daily charts, the Nifty continued it's bearish stance after the Bearish Engulfing candle pattern which was formed last Friday. Also, the Nifty filled the gap completely between 17566 – 17631 which was created on 11 th Aug that’s another adding point to the bearish sentiments of the market.

The momentum indicator RSI is going down from the overbought region on the daily charts. This tells the lack of bullish momentum in the index for the short to medium term. The Nifty has an immediate resistance levels at 17687 (Day High) followed by 18000 (Key Resistance) and on the other side, it has strong support level placed at 17350 (Cluster of support) followed by 17150 (Key Support).

As per the overall chart pattern and indicator set up, we feel that the Nifty will continue to correct till 17350 if it breaches that level than it will further move down till 17150 mark in the coming future. Our corrective view will be negated if it sustains above 18000 levels on the upside. (Closing on 22/08/2022)

Latest Stocks In News In India

Buying the right stocks can be tricky without understanding the intricacies of the stock market. Given the volatility of the stock market and the risk that comes with it, sometimes buying shares and stocks in the news today can become an overwhelming and stressful experience. With that in mind, these are some of the stocks to watch today in India that you should watch out for right now.

Life Insurance Corporation: 

• The state-run insurance giant announced a multi-fold increase in net profit at Rs 682.89 crore from the meager Rs 2.94 crore a year earlier in it's first earnings after becoming public. Early in May, the financial heavyweight that oversees assets worth more than Rs 41 lakh crore went public with a Rs 20,500 crore share offering.

Metropolis Healthcare Ltd. 

• Metropolis Healthcare Ltd. announced that, as of the 18th of August, Vijender Singh was no longer the CEO of the diagnostic chain, and the company also announced that they are looking for an appropriate candidate for the position of CEO.

Wipro 

• Wipro will also be the one stock in news as  the company has recently been awarded with a multi-year contract to deliver Service Integration and Management (SIAM) services to HM Treasury (HMT). This will allow for end-to-end SIAM services and enable seamless integration of IT services across HMT and it's vendors.

Greenpanel Industries 

• Greenpanel saw a rise recently due to the ICRA, a credit rating agency, upgrading the long-term ratings of the company from A to A+, and short-term ratings from A1 to A1+.

ONGC: 

• As a result of record prices before the government imposed a tax on windfall gains resulting from a global rally in energy prices, ONGC, India's leading oil and gas producer, reported a tripling of net profit in the June quarter to Rs 15,205.85 crore.

Talbros Engineering Ltd. 

• Tallbros recently commenced construction for setting up a new production unit in Faridabad.

Godrej Industries: 

• For the quarter ended June 30, 2022, Godrej Industries recorded a 38% increase in consolidated net profit at 257.60 crore. According to a BSE filing by Godrej Industries, the business reported a net profit of 185.99 crore for the months of April through June last year. In the quarter, operating revenue increased from 2,890.49 crore to 4,024.55 crore.

FSN E-Commerce Ventures 

• Nyka) owned brand, Nykd, launched it's first ever physical retail space in New Delhi, with products ranging from innerwear, sleepwear, and loungewear.

Tata Power 

• Tata power has raised approximately ₹2000 crores by issuing 8.36 crore equity shares to BlackRock-backed GreenForest New Energies Bibco.

Prestige Estates Projects: 

• As housing demand has consolidated towards reputable developers, the real estate company aims to sell houses worth at least Rs 12,000 crore this fiscal, up 16% annually. It is well-known in South India, and the business has entered the Mumbai market.

Bank of Baroda: 

• The government-owned institution said it is considering raising debt capital by issuing basel III compliant bonds up to a maximum of Rs 2,500 crore. On August 22, the lender's board will convene to discuss the same.

Sun TV Networks: 

• The major broadcaster reported a growth in consolidated profit after tax of 35.32 percent, to Rs. 493.99 billion, for the first quarter ended in June. In the months of April and June of the previous year, the company had posted an after-tax profit of Rs 365.03 crore.

Piramal Enterprises: 

• The National Company Law Tribunal has given Piramal Enterprises permission to demerge it's pharmaceutical business and simplify it's corporate structure. The company can now move through with it's plans to list PEL, a non-banking financial company, and Piramal Pharma Ltd. separately from one another (PPL).

JSW Steel:

• JSW Ispat. Fair trade regulator CCI approved the proposal to merge Creixent Special Steels and JSW Ispat into JSW Steel. This deal was announced earlier this year in May.

Apollo Tyres:

• On a low baseline, the tyre manufacturer's consolidated profit increased by 49% year over year to Rs 190.7 crore for the quarter ended in June FY23. Top line growth and strong operational income increased bottom line. When compared to the same period last year, revenue increased by 30% to Rs 5,942 crore.

JK Tyre Industries:

• JK tyre revealed that it has raised prices by 6-7 percent to reduce the pressure of raw material cost. Further price increase is under consideration.

Hero MotoCorp: 

• On a low baseline, the two-wheeler manufacturer's profit increased 71% year over year to Rs 625 crore for the quarter ended in June FY23. EBITDA increased by 83% to Rs 941 crore and revenue increased by 53% YoY to Rs 8,393 crore. In Q1FY23, the business sold 13.90 lakh motorbike and scooter units, up 36% from the equivalent period in the prior year. The second Covid wave had an impact on the previous quarter.

Reliance Industries & ONGC:

• The government cut the windfall tax on the sale of locally produced crude oil to ₹13000/tonne. An additional duty of ₹17750/tonne was imposed on the sale of crude oil produced in India for the past two weeks.  

Disclaimer: The content provided herewith is purely for investor awareness only.