Winning Strokes

The BSE Sensex closed yesterday at 52,653.07 up 209.36 points (+0.40%) while the Nifty ended the day at 15,778.45 up 69.05(+0.44%). However, Ganpati Festival in Mumbai is within arms length and hence Nifty might correct to 15350, before taking an upmove from the middle of September, 2021. This year Ganesh Chaturthi, also known as 'Vinayak Chaturthi' or 'Vinayaka Chavithi' will commence from Friday, September 10, 2021. 

#Yesterday, the shares of Patel Engineering Ltd (Rs.15.45) corrected below the conversion price of Rs.15.78. This happened, after I mentioned this price on my blog, which might have rattled some of the retail investors leading to a sharp correction in the counter. However, the company has done OTS with lenders and therefore in the following quarters we might see a gradual improvement in its bottomline too. The company has a whopping order book position of Rs.14, 000 crore and now with the OTS with lenders, the pressure on working capital will also be reduced. The scrip might tough its intermediate bottom around Rs.14.80, before gathering momentum. 

The RSI is near 31.80, which means the long awaited correction in the stock could be over. You should accumulate this scrip of this A - group construction company on market declines. To make money from the markets on consistent basis, patience and correct path is essential. 

#The scrip of Reliance Capital Ltd (Rs.17.45) is exhibiting some corrections since the last few days. But then during the last quarter, its loss has narrowed and the company is looking for more debt reductions through asset monetization. There is a Rs.9700 crore asset sale on the cards.