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Shares of L&T Finance Holdings will remain on traders’ radars, as the NSE suspended trading in its derivative contracts. L&T Finance Holdings had entered the F&O segment just last Thursday. The suspension follows the overall market-wide open interest position crossing the stipulated 95 per cent. Now, traders can only decrease their positions and not add fresh positions. With next Thursday being the settlement for March contracts, this stock could see higher activity.
GSK Pharma dips below 200-DMA
GlaxoSmithKline Pharmaceuticals had tumbled 20 per cent in the beginning of this month. The stock, which reversed after the steep fall, however failed to breach the 38.2 Fibonacci retracement level of ₹2,680. On Friday, GSK Pharma again reversed lower. The 2.7 per cent fall on Friday coupled with the close below the 200-day moving average suggests that the downtrend that began this month remains intact. The stock can extend its fall to ₹2,433 or even to ₹2,350.
Stake sale may boost sentiment for IIFL
The IIFL Holdings stock may attract investor interest next week, following the company selling its 76 per cent stake in Sri Lankan subsidiary IIFL Securities Ceylon Ltd. The Sri Lankan subsidiary is engaged in stock broking activities at the Colombo Stock Exchange. The stake was sold to its JV partner Priyani Ratnagopal. IIFL’s decision to exit Sri Lankan operations was taken due to plans to rationalise its relatively smaller international operations.
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