Markets are likely to trade in a range for the next week, as the US Fed Meet is now behind us. As was largely anticipated this week, there was some buying after the the US Federal Reserve left interest rates steady. Here are 5 stocks to watch for on Monday morning.
Watch for the shares of Nitco on Monday morning, as the stock was the single biggest gainer of last week. The stock saw gains of 27 per cent last week and ended at Rs 84. Check to see, if there are further gains on Monday morning.
Shares in Axis Bank fell a whopping 6 per cent on Friday, on reports by CNBC TV 18, that the stake sale by Specified Undertaking of the Unit Trust of India (SUUTI) in Axis Bank is unlikely to happen anytime soon as the paperwork is yet to be completed.
The shares dropped more than 6 per cent on Friday, and it would be interesting to see where it heads-on Monday.
The stock closed at Rs 557.40 on Friday, dropping 6.10 per cent.
It would be interesting to see what happens to the stock of Websol Energy, after the stock surged 16 per cent on Friday, following the decision by the Reserve Bank of India to allow the restructuring of the company's Foreign Currency Convertible Bonds (FCCB).
The stock ended the day 16 per cent higher at Rs 42.15.
Morepen Labs, makes the famous Burnol brand. There were reports in a section of the media, that the company was selling its OTC products to the Ajay Piramal group.
The exchange has sought a clarification from the company and if this turns-out to be true, then we could see a further rally in the stock on Monday morning.
Goldman stake sale
Shares of Den Networks, India's largest multi-system operators (MSOs), surged nearly 3 per cent on the Bombay Stock Exchange on Friday after its board approved allotment of 1.58 crore preferential shares to two affiliates of Goldman Sachs at Rs 90 apiece.
Interestingly, the stock surged 9 per cent intra day, and ended higher only by 3 per cent. There maybe some profit booking that may happen on Monday.