Zomato, RVNL, Zee, HDFC, HCL, Cochin Shipyard: Stocks to watch today

Experts suggest the election outcome will boost investor confidence, especially in sectors like infrastructure, manufacturing, and urban development, which align with BJP's pro-business policies.

In Short

• Maharashtra election results may positively influence markets
• Zomato to join BSE Sensex, replacing JSW Steel
• Nifty and Bank Nifty show strong technical support, resistance

Results for the assembly elections in Maharashtra, the financial capital of India, were announced on Saturday, and the win is expected to influence market sentiment positively when trading resumes on Monday.

Experts suggest the election outcome will boost investor confidence, especially in sectors like infrastructure, manufacturing, and urban development, which align with BJP’s pro-business policies.

STOCKS TO WATCH TODAY

As markets reopen, several stocks are likely to be in focus due to specific developments and announcements:

Indian Bank
The Financial Services Institutions Bureau (FSIB) has recommended Binod Kumar for the post of Managing Director of Indian Bank.

HDFC Bank
HDFC Bank is in advanced talks to assign a Rs 12,372 crore car loan portfolio, its second such transaction within two months, aimed at improving its credit-deposit ratio.

ZEE Entertainment
Punit Goenka, the former Managing Director and CEO of ZEE Entertainment Enterprises Ltd (ZEEL), has officially withdrawn his consent for reappointment to the post.

HCL Tech
The Securities and Exchange Board of India (SEBI) has exempted Roshni Nadar, Chairperson of HCL Tech, from making an open offer regarding her proposed indirect acquisition of shares and voting rights in the company.

Zomato
Food delivery giant Zomato is set to replace JSW Steel in the BSE Sensex as part of index reconstitution, effective from December 23.

RVNL
Rail Vikas Nigam Limited (RVNL) has received a Letter of Acceptance (LoA) from Eastern Railway for an infrastructure project involving earthwork, bridge construction, and railway track laying.

Cochin Shipyard
Cochin Shipyard has signed a memorandum of understanding with Seatrium Letourneau USA, Inc. for the design and critical equipment required for jack-up rigs aimed at the Indian market.

VST Industries
VST Industries has completed the sale of an immovable property in Hyderabad to ViNS Bioproducts and others.

MARKET OUTLOOK

Market analysts are optimistic about Monday’s trading session.

Palka Arora Chopra, Director at Master Capital Services Ltd, said, "The stability in Maharashtra could trigger a rally in the stock market, boosting investor confidence due to the continuity of pro-business policies. A clear mandate is likely to accelerate infrastructure projects, which would benefit the construction, real estate, and related sectors."

"The NDA’s victory in Maharashtra is expected to fuel bullish sentiment. However, global risks like geopolitical tensions and rising crude oil prices remain a challenge for markets," said Santosh Meena, Head of Research at Swastika Investmart.

TECHNICAL ANALYSIS

Nifty 50
Nifty rebounded from its 200-day exponential moving average (EMA), closing above 24,900 last week. Key resistance is at 24,100, with a potential upward target of 24,500. Support stands at 23,700, and a breach below this level could push the index to 23,400.

Bank Nifty
The banking index ended the previous week on a strong note, closing at weekly highs. Resistance is seen at 51,500, and if surpassed, it could reach 52,300. Support levels to watch are 50,800 and 50,200.