Street signs: Nippon's next move, Nifty holds above 100-DMA, and more

The benchmark Nifty has managed to sustain above the 100-day moving average (DMA), a crucial level

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Traders await Nippon’s next move 

Shares of Reliance Nippon Life Asset Management have gained 27 per cent in two days. The rally follows parent Reliance Capital’s offer to Japanese partner Nippon Life Insurance to acquire its 42.9 per cent stake. Market players say traders are keenly eyeing Nippon's reaction to the proposal. "If traders get a hint that the Japanese partner is keen on buying out Reliance Capital and follow it up with a delisting bid, they will aggressively build position in the counter," said a broker. Currently, Reliance Capital and Nippon hold 42.9 per cent each, and the remaining 14