Street signs: Nifty has a shot at 14,000, Antony Waste GMP at 20% & more

Nifty has a shot at 14,000: Analysts

The benchmark Nifty50 index has added more than 2,000 points, or 18 per cent, since November. The index closed at 13,760 on Friday. Technical analysts say the index has a shot at 14,000 if it manages to sustain around current levels. “For the next few trading sessions, 13,650 should be the sacrosanct level for the trend following traders. Above the same, we can expect uptrend continuation wave up to 13,935-14,000. On the flip side, dismissal of 13,650 could possibly trigger one quick correction leg until 13,500,” said Shrikant Chouhan, executive vice-president, Equity Technical Research at Kotak Securities.

Sundar Sethuraman

NMDC buyback may find few takers

The ongoing buyback of state-owned NMDC may find few takers given the sharp rally in its stock. Since November, the iron ore-miner’s shares have rallied 40 per cent and currently trade at Rs 116. In November, NMDC’s board approved Rs 1,378-crore buyback at Rs 105 per share. Around that time, the stock quoted at Rs 90. “The prospects of user industry (steel) has improved significantly, which is good for iron ore demand. Also, given that the current market price is above the buyback price, not many would want to tender shares,” said an analyst.

Samie Modak

Antony Waste GMP at 20% 

Shares of Antony Waste Handling Cell are commanding a grey market premium (GMP) of 20 per cent ahead of the firm’s initial public offering (IPO). The GMP is less compared to some of the recent IPOs, such as Burger King India and Mrs Bectors Food. “The IPO timing clashes with the holiday period for overseas investors. This is weighing on the grey market demand,” said a broker. Antony Waste Handling Cell’s Rs 300-crore IPO will remain open for subscription between December 21 and 23. In March, the company had to withdraw its IPO due to poor response.

Sundar Sethuraman