Thu, Feb 22, 2024 1:58 PM
Securitised debt instruments by corporates to rise to Rs 100 cr in FY24
A Flip by Riya Sharma
📌Monday is likely to see the Nifty beginning on a soft note; the levels of 23650 and 23880 are likely to act as resistance points. 📌The supports come in at 23300 and 23050 levels. 📌The weekly RSI is 43.53; it has marked a new 14-period low, which is bearish. 📌The RSI also shows a bearish divergence against the price. 📌The weekly MACD is bearish and stays below the signal line.
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Chinese property developer Redsun Properties said on Friday it would not be able to pay its $350 million bond maturing on January 13, which includes the principal and the accrued interest. The bond was issued in January 2021 with a coupon rate of 7.3%. A prolonged property market slump in China over the last three years has been weighing on developers' ability to repay debt.
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Sumeet Bagadia of Choice Broking believes bears have taken hold over the bulls as the Nifty 50 index has broken the crucial 23,500 support. 📌Tech Mahindra: Buy at ₹1705.60, target ₹1860, stop loss ₹1628. 📌JSW Steel: Buy at ₹900.10, target ₹980, stop loss ₹860. 📌Bajaj Finserv: Buy at ₹1701.25, target ₹1875, stop loss ₹1620.
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