Winning Strokes
When this report is being made the BSE Sensex was seen at 52,538.78 up 232.70 points (+0.44%), while the Nifty50 was trading at 15,743.85 up 56.90 points (+0.36%). The Nifty is likely to move towards 15900 in the coming days. The festive season has kicked with Eid and the market is expected to continue to show bluish undertone till Durga Pooja.
#Patel Engineering Ltd (Rs.19.50) seems to have completed its correction from the Rs.23.30 (new 52- week high) levels and is all ready to move up once again. Those who have not booked profit can average at the CMP. Also fresh delivery positions can be taken. We can look for short term targets of Rs.27/30 in the coming days. Accumulate on declines.
#The scrip of Den Networks Ltd (Rs. 59.50), a Mukhesh Ambani group company is currently waiting for the demerger news from the Reliance Industries Ltd's AGM. Any demerger as you must have seen in the past is positive for a company as it unlocks its underneath value. Den Networks in all probability is likely to go with the profit making RJio. The company recently announced that:
Pursuant to the framework issued by the Reserve Bank of India (RBI) vide its circular dated August 06, 2020 and September 7, 2020, the Company and its Consortium lenders have completed the execution of the necessary agreements, deeds, Security creation, undertakings and other relevant documents for implementation of the One Time Resolution (OTR) Plan on May 31, 2021.
Covid Relief availed by the Company from the Consortium of Lenders in the form of One Time Restructuring (OTR) pursuant to the framework issued by the Reserve Bank of India (RBI) as per Circular dt. August 6, 2020.
The share of Den Networks Ltd is expected to travel to Rs.91/92 very shortly as the company has turned profitable last year. If you are not comfortable with Den Networks, the you can also buy Hathway Cable and Datacom Ltd near the CMP of Rs.26.50.
#My recommended Reliance Capital Ltd (Rs.28.40) made a new 52 week high today at Rs.30. 65. The stock was recommended a few weeks back at Rs.13.35, which doubled within a short time.
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