Street signs: Nifty's 50-DMA is the key, Quick Heal buyback, and more

The markets saw a choppy ride last week, gaining 5 per cent in the first three sessions and then giving up nearly half the gains in the last two sessions. Technical analysts say the market will remain in an ‘upward trending zone’ as long as the Nifty manages to hold on to its 50-day moving average (DMA), which is at 14,585. On Friday, the 50-share index closed at 14,938. “The Nasdaq has broken the 50-DMA decisively and could head towards the 200-DMA. The S&P 500 index has also broken the 50 DMA. The Nifty50 could test the 50-DMA next week. If it breaks, it can slide down to 13,000-13,600 range,” says Rusmik Oza, executive vice-president, Kotak Securities.

Easy Trip Planners GMP at 70%

Shares of Easy Trip Planners are in huge demand in the grey market, with operators willing to pay a premium of over 70 per cent. Sources said shares of the company are changing hands between Rs 300-330 per share. The company, which operates online travel portal easemytrip.com, has set a price band of Rs 186-187 per share for the IPO. The IPO is entirely an offer for sale by promoters. At the upper end of the price band, the company will have a market cap of Rs 2,030 crore. Easy Trip offers services, such as airline tickets, hotel bookings, and holiday packages.

Investors eye Quick Heal buyback

Antivirus software maker Quick Heal is in the limelight with several wealthy investors building long positons. Its stock jumped 4 per cent on Friday after the company said its board will meet on Wednesday to discuss a share buyback. Over the past six months, the stock has rallied 40 per cent, outperforming the Sensex, which is up 30 per cent. “The stock is still reasonably priced with trailing 12-months P/E of just 16 times. The buyback has sent a positive signal to the market. If the company is able to demonstrate that like other technology companies, it is poised for strong growth, the stock could rally even more from current levels,” said an analyst.