 "arrow, target")
Nifty loads catapult to cross 24,000 Rubicon
The National Stock Exchange Nifty 50 index has climbed nearly 10 per cent, or 2,100 points, from its monthly low, signalling a strong recovery. Analysts expect further upside, with the index, last closing at 23,852, approaching the 24,000 mark — a level it has crossed only twice this year. “The strong rebound from the crash low signals resilience in the Nifty index, and the index appears to be staging a short-term breakout from its recent downtrend,” wrote analyst Nico Rosti of MRM Research, who publishes on Smartkarma. “It’s hard to say, given the current economic uncertainty — however, our model suggests the index could extend its gains for another week. The rally should be limited; a good profit target, according to our model, is between 24,039 and 24,496,” he added.
Hyundai, Waaree at starting gates for big breakout as lock-ups end
Hyundai Motor India and Waaree Energies are among the stocks likely to come into focus this week as their lock-up periods expire. Hyundai’s lock-up will end on Monday, while Waaree Energies’ will conclude on Friday. Other companies with expiring lock-ups include Stallion India Fluorochemicals, whose lock-up ends on Tuesday. According to Nuvama Alternative & Quantitative Research, 63 companies will see their lock-up periods end between April 17 and July 28, unlocking shares worth $40 billion. While not all of these shares are expected to flood the market, as many are held by promoters and group entities, the brokerage said the event could still affect supply dynamics.
BSE’s AI watchman to guard IPO frontlines
BSE plans to deploy artificial intelligence (AI) to speed up the approval process for initial public offering (IPO) applications from small and medium enterprises (SMEs), according to sources. The AI tool, developed by a third party, will help ensure compliance with the market regulator, Securities and Exchange Board of India, guidelines and BSE’s checklist. Set to launch this month, the tool will also flag issues in draft documents by generating alerts. While mainboard listings have slowed over the past month, SME applications and listings have remained steady. BSE did not respond to emailed queries by the time of publication. Currently, 380 companies with a combined market capitalisation of ₹64,000 crore are listed on BSE’s SME platform.
