Winning Strokes

On last Friday, the BSE Sensex closed at 59,015.89 down 125.27 points (-0.21%), while the Nifty was seen closing at 17,585.15 down 44.35 points (-0.25%).  Photo: Business Today.

Though the Nifty came up with a red candle, on the daily charts, but the weekly and monthly charts are still giving bullish signs. However, in the short term, the Nifty might test 17370/17380 ranges on the downside. 

#The scrip of Reliance Capital Ltd (Rs.21.05) took a pause on last week, after a whirlwind rally took it to Rs.22.70 on last Friday, on intraday basis. We can look for targets of Rs.30/37/41 in the coming days as the company attempts to shed more of the debts, accumulated over years. Stay put!

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#The stock of Future Retail Ltd (Rs.47.35) bounced from Rs.47 levels and is all set to move up. You should accumulate the scrip as Amazon had already invested around Rs.1400 crore in Future Group, through an indirect route and would not like their investment go dude. In an interesting development, watching the consumer behaviour shifting to online shopping due to the COVID-19 pandemic,  Future Consumer Ltd (FCL) is focusing on changing orientation of all business and brand activities to make them Digital First, according to the company's annual report for 2020-21. This has already started to show positive results and in future we would see more improvements in its fundamentals. Its annual report further said, while the company will explore opportunities in new generation categories, the prime focus will be on expanding and enhancing the existing portfolio with strong focus on increasing gross margins across food, home and personal care categories. FCL said it will use Future Retail Ltd's retail muscles to expand its distribution reach on pan India basis, although it is also steadily expanding its reach outside of the group firm's stores. By the way, the latest quarterly result, I belive is a sham, and is probably done to create a sympathy wave in the courts.

#Buy the shares of Coffee Day Enterprises Ltd (Rs.30.35) tomorrow morning at 9.15 am, before it hits another UC. It owns the Cafe Coffee Day chain. We can look for short term targets of Rs.46/47 in the coming days, as more and more relaxation is made on nationwide lockdown. The market is abuzz with news that the management is ready with a turnaround plan.

On the flip side,  the company said it has outstanding dues of Rs.280 crore in terms of cash credits from banks or financial institutions. It also owes Rs.200 crore in unlisted debt services, CDEL said in a BSE filing on April 6. CDEL said its total indebtedness was Rs 518 crore.

#Patel Engineering Ltd (Rs.16.80) made an intraday high of Rs.17.95 on last Friday, before cooling down a bit. Patel Engineering reported standalone net profit of Rs.3.50 crore in the June 2021 quarter as against net loss of Rs.36.09 crore during the previous quarter ended June 2020. Sales rose 154.44% to Rs.575.35 crore in the quarter ended June 2021 as against Rs.226.12 crore during the previous quarter ended June 2020. This A - group company is having an order book position of ~Rs.15,000 crore. As the construction activities commences and gains full steam, post monsoon, we can look for targets of Rs.39/40 by March, 2022. Accumulate in dips.