Latest news with #BankofMaharashtra
Mint
3 hours ago
- Business
- Mint
Bank of Maharashtra to Crompton Greaves - Vinay Rajani of HDFC Sec suggests these 3 stocks to buy in the near-term
Stock market today: The Indian stock markets began the new week on a downbeat trend, influenced by global worries in spite of solid domestic GDP data. The benchmark indices fell as investor sentiment was affected by the renewed tariff threats from US President Donald Trump. At 12:34 IST, the Nifty 50 index was trading at 24,715 . 95, showing a drop of 35.70 points or 0.15%. Sensex was trading lower at 81,325.42, decreasing by 125.59 points or 0.15%. This pressure emerged following Trump's announcement to modify tariffs on steel and aluminum, which has rekindled fears of a trade conflict and economic pressures. Market analysts pointed out that although India's macroeconomic fundamentals are robust, as demonstrated by the strong GDP figures, the external challenges posed by the US tariff adjustments have overshadowed domestic gains. The potential for a broader impact on global trade and capital movements has led investors to exercise caution. Vinay Rajani of HDFC Securities recommends Bank of Maharashtra, Crompton Greaves Consumer Electricals Ltd, and City Union Bank Ltd. Check out his overall market views. Nifty 50 continued its consolidation for the second consecutive week with a weekly fall of 0.41%. Bank Nifty managed to outperform Nifty 50 with a gain of 0.33% and closed at an all-time high. Sectoral indices like PSU Bank, Capital market and Defense outperformed the benchmark with the weekly gain of 4.08%, 3.35% and 2.73% respectively. Indices like FMCG, tourism, and commodities underperformed by falling 2.16%, 1.90% and 1.61% respectively. The Nifty Microcap250 index rose 1.47% and managed to outperform Nifty 50 with a good margin. Nifty 50 has been protecting its level above 20 days EMA and SMA, placed 20,630 and 20,692 respectively. A level above all key moving averages indicates a bullish trend on all time frames for Nifty 50. Any level above 25,116 would confirm the bullish breakout from the consolidation. The lower band of the consolidation is placed near 24,400 levels, below which short term would turn bearish. Above 25,116, Nifty 50 could move towards immediate resistance of 25,300 odd levels, which happens to be 78.6% retracement of the entire fall seen from all time high of 26277 to recent swing low of 21743. Above 25300, We expect Nifty 50 to hit a new all-time high above 26277 and go beyond. Midcap and Microcap indices have been showing strength, which shows the strong breadth in the market. The Bank Nifty index has closed at fresh all-time highs with recent outperformance. Both PSU and Private bank stocks are looking strong on the chart and likely to take a lead in the coming sessions. Nifty Capital Market index has given a fresh breakout above its previous all-time highs. Considering the momentum and the chart setup, this index is likely to extend its gain in the coming days. Ratio Chart of Copper v/s Gold indicates that Copper should start outperforming gold from here for the medium to long term. Historically, Copper used to have a positive correlation with equity markets. Primary trend is bullish but short-term consolidation is going on in the Nifty 50. Traders should continue to hold on to the long positions with 24,462 stoploss in the Nifty 50. Any level above 25,116 will confirm the fresh bullish breakout. Above 25,116, we can expect Nifty 50 to extend the rise towards 25,300. Above 25,300 Nifty 50 could register fresh all-time highs. Vinay Rajani of HDFC Securities recommends these three stocks in the near term - Bank of Maharashtra, Crompton Greaves Consumer Electricals Ltd, and City Union Bank Ltd. Bank of Maharashtra share price surged 6% on 30 th May with big jump in volumes. Stock has been in to a primary uptrend as it has been sustaining above its key moving averages. PSU Bank index has broken out from the consolidation on the medium-term chart. Weekly MACD is now placed above signal and equilibrium line. Breakout from Symmetrical triangle pattern on the weekly chart. City Union Bank share price has been sustaining above 200 DEMA resistance. Stock price is now placed above 20, 50 and 200 days EMA. Monthly RSI has reached above 50, indicating sustainable up trend. Weekly MACD is now placed above signal and equilibrium line On week ended 16 th May 2025, Crompton Consumer share price broke out from downward sloping trend line on the weekly chart. Price rise was accompanied by a jump in volumes. Stock price has been sustaining above 50 DEMA resistance. Weekly RSI has reached above 50, indicating a sustainable up trend. Weekly MACD is now placed above signal line. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Mint
5 hours ago
- Business
- Mint
F&O Strategy: Bank of Maharashtra to REC— Rupak De suggests buy or sell strategy for THESE stocks
Stock market today: The Indian stock markets began the new week on a negative trend, impacted by global uncertainties despite robust domestic GDP numbers. The benchmark indices fell during the initial trading session on Monday, with investor confidence shaken by renewed tariff threats from U.S. President Donald Trump. The Nifty 50 index commenced at 24,669.70, reflecting a drop of 81.00 points or 0.33%. Likewise, the Sensex also started off lower at 81,214.42, decreasing by 236.59 points or 0.29%. The indices continued to decline during early trading. Rupak De, Senior Technical Analyst, LKP Securities said that Nifty 50 seems to be stuck in a range, unable to break past a key level. On the downside, immediate support lies at 24,700. De recommends three stocks to buy or sell in the F&O segment. The Nifty 50 kicked off the June series on a shaky note, staying volatile with a slight negative bias throughout the day. On the shorter time frame, a bearish moving average crossover has emerged, adding to the cautious mood. The hourly RSI is also pointing to weakening momentum, hinting at some short-term pressure on the index. On the daily chart, the RSI shows signs of fatigue, along with a strong negative divergence — not the most encouraging signal for the bulls. That said, Nifty 50 seems to be stuck in a range, unable to break past a key level. On the downside, immediate support lies at 24,700. If that gives way, we could see the index slide further toward 24,500. On the flip side, 24,800 is shaping up to be a tough hurdle, especially with call writers piling on heavy positions around that mark. Open Interest Analysis: Significant open interest additions were seen in Calls at 24,800 strike and in Puts of 24,400 strike. Maximum Call and Put writing seen at 24,800 strike. Strategy: Weakness might increase if Nifty falls below 24700. Trade: Buy Nifty 5May 24600PE ABOVE 140 TGT 200 SL 110. Bank of Maharashtra share price has registered a consolidation breakout on the weekly chart, indicating a notable increase in buying interest. The stock trend appears bullish, with price action sustaining above the 21-week exponential moving average (EMA). Furthermore, the Relative Strength Index (RSI) on the weekly chart has shown a bullish crossover, supporting the positive momentum. In the short term, the stock is expected to maintain strength with an upside potential toward ₹ 62. Key support is placed at ₹ 51; a breach below this level may lead to a loss of momentum. Pidilite Industries share price has broken out of a consolidation phase on the daily chart, reflecting a surge in buying interest. The price remains well-supported above the 50-day EMA, maintaining a positive bias. The daily RSI has also formed a bullish crossover, adding to the strength of the technical setup. In the near term, the stock is likely to remain firm, with potential to move toward ₹ 3,300. Immediate support lies at ₹ 3,030; a breakdown below this level may weaken the momentum. REC share price has shown signs of weakness after failing to surpass a key moving average resistance. The RSI has entered a bearish crossover, indicating a deteriorating trend. Additionally, the stock has broken below a recent consolidation range on the hourly chart, further confirming the bearish outlook. In the near term, the stock is expected to face continued selling pressure, with downside potential toward ₹ 385. Resistance is now placed at ₹ 412. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Business Standard
3 days ago
- Business
- Business Standard
Quick Wrap: Nifty PSU Bank Index gains 2.88%
Nifty PSU Bank index ended up 2.88% at 6976 today. The index has gained 7.00% over last one month. Among the constituents, Bank of Maharashtra rose 5.86%, UCO Bank added 5.66% and Indian Overseas Bank jumped 5.48%. The Nifty PSU Bank index has fallen 4.00% over last one year compared to the 10.06% increase in benchmark Nifty 50 index. In other indices, Nifty Metal index has dropped 1.69% and Nifty IT index has dropped 1.15% on the day. In broad markets, the Nifty 50 has slid 0.33% to close at 24750.7 while the SENSEX has slid 0.22% to close at 81451.01 today.
Indian Express
6 days ago
- Indian Express
Society manager forges sign of panel members in Mumbai, withdraws Rs 1 crore
The Mumbai police on Sunday booked the manager of a co-operative society for allegedly forging cheques and withdrawing Rs 1.03 crore from the society's account. The accused, identified as Inicet Elias (50), is alleged to have forged signatures of office bearers and transferred money in an account he created using documents of the husband of the woman, who worked as a cleaner at the building. According to the FIR, the incident took place at the Readymoney Premises Co-operative Society in Worli that has 56 commercial units. The secretary of the society filed a complaint stating that in 2011-12, they had hired a building manager to carry out various financial and administrative functions of the building. Since June 2024, the manager had become irregular at work citing personal reasons. In December 2024, the secretary received a message on his phone from the Canara bank where the society had an account, that a cheque was being dishonoured due to a mismatch of signature. Surprised, he enquired with the other committee members if they had issued any cheque, to which they replied in the negative. On checking their bank account, they found multiple unauthorized withdrawals made using bearer cheques from the society account. After realizing what had happened, the secretary approached the Worli police station where an FIR was registered against Elais on charges of criminal breach of trust, cheating and forgery. The funds were allegedly diverted to an account at Bank of Maharashtra in the name of one Dinesh Khawariya, who they knew was the husband of the society's cleaner. When they questioned him, he said that his documents had been taken by Elias by promising to get his loan approved from the bank. The police also found that Elias had linked his own mobile number to the account even though it had the name of Khavriya. Elias then withdrew the money for his own use, the complaint said. After realizing what had happened the secretary approached the local Worli police station where an FIR was registered against Elais on charges of criminal breach of trust, cheating and forgery. Senior inspector of Worli police Nilesh Patil said that they have registered an FIR and will be probing the allegations made in the complaint. No arrests have been made in the case.
Time of India
21-05-2025
- Business
- Time of India
MMRDA secures ₹1,500-crore loan for redevelopment project in Mumbai's Ghatkopar
The Mumbai Metropolitan Region Development Authority ( MMRDA ) has secured a loan of Rs 1,500 crore from Bank of Maharashtra for the redevelopment of Ramabai Ambedkar Nagar and Kamaraj Nagar in Ghatkopar suburb of Mumbai. This marks MMRDA's first direct slum redevelopment project, and the first major financial closure for the Rs 8,498-crore project under Slum Rehabilitation Authority (SRA) scheme. The project aims to transform a densely populated slum cluster in eastern suburb of the country's financial capital into a well-planned residential township. To ensure financial viability, MMRDA has devised a multi-source funding strategy. Out of the total Rs 8,498 crore project cost, Rs 3,916 crore will be raised through loans. 'The government's goal is not just to provide homes but to empower communities to build their own lives. The Government of Maharashtra is consistently and responsibly working to ensure equal opportunities for every citizen,' said Maharashtra Chief Minister Devendra Fadnavis. According to him, concrete steps are now being taken to resolve longstanding redevelopment issues and a sustainable financial model has been created to complete such large-scale projects. 'This is not merely a redevelopment project, but a blueprint for inclusive and self-reliant urban regeneration. Of the total funding, 46% will come from institutional loans and 39% from internal revenue sources. Through this, MMRDA is maintaining financial discipline while achieving people-centric development,' said Sanjay Mukherjee, IAS, Metropolitan Commissioner, MMRDA. According to him, the redevelopment of Ramabai Nagar will set a benchmark for the entire metropolitan region. Ramabai Ambedkar Nagar and Kamraj Nagar slum rehabilitation project is being undertaken on land area of over 78.6 acres comprising around 17,000 slum dwellers. The first tranche of Rs 1,500 crore for the project has been approved by Bank of Maharashtra and with the loan agreement signed, this infusion of funds will accelerate the timely execution of the project's first phase.
