NHPC OFS: Government to Sell 3.5% Stake in NHPC via OFS; Floor Price Set at ₹66

The Indian government has announced its plan to sell a 3.5% stake in NHPC Ltd through an offer-for-sale (OFS) process. The floor price for the sale has been set at ₹66 per share. The OFS will take place on January 18 and 19, with non-retail investors able to participate on the first day and retail investors on the second day. The government aims to divest 251,125,870 shares, representing a 2.5% stake in NHPC, with an additional 100,450,348 shares available in case of oversubscription. This move is expected to raise around ₹2,300 crore for the government.

Day Trading Guide for Today:

Market experts have recommended six stocks for day trading today. These stocks include Westlife Foodworld, Pidilite Industries, Tata Steel, Asian Paints, IDBI Bank, and JM Financial.

Day Trading Guide for the Stock Market Today:

The domestic equity benchmarks, Sensex and Nifty 50, snapped their five-day winning streak in the previous session. The market experienced profit booking in select heavyweights, resulting in a negative close. The market is expected to consolidate in higher zones, and traders should exercise caution in stock selection due to volatility caused by earnings.

Nifty Call Put Option Data:

Key data for Nifty Call Put Options includes major total Call open interest at 22,100 and 22,200 strikes, while major total Put open interest is seen at 22,000 and 21,800 strikes. The technical analysis suggests immediate support at 21,950 and a sustained upward movement towards 22,300 levels.

Bank Nifty Call Put Option Data:

For Bank Nifty, major total Call open interest is seen at 48,200 and 48,300 strikes, while major total Put open interest is seen at 48,100 and 48,000 strikes. The technical analysis indicates that the index must sustain above the crucial level of 48,300 to witness a continuation of the rally towards 49,000/50,000 levels.

Global Cues:

The US dollar index rose to a more than one-month high, making bullion less attractive. Yields on the benchmark US 10-year Treasury notes climbed above four percent. European shares fell, with the benchmark STOXX 600 declining 0.6 percent. Asian stock markets experienced mixed performance.

Stocks to Watch Today:

HDFC Bank, Bank of Maharashtra, L&T Technology, Credo Brands Marketing, ICICI Securities, ICICI Lombard General Insurance Company, and TV18 Broadcast are some of the stocks that have announced their quarterly results. Additionally, Asian Paints, Happiest Minds Technologies, ICICI Prudential Life Insurance Company, and others will be releasing their results today.

FAQs:

1. What is the floor price set for the NHPC OFS?

   • The floor price for the NHPC OFS has been set at ₹66 per share.

2. When will the NHPC OFS take place?

   • The NHPC OFS will take place on January 18 and 19.

3. What are the recommended stocks for day trading today?

   • The recommended stocks for day trading today include Westlife Foodworld, Pidilite Industries, Tata Steel, Asian Paints, IDBI Bank, and JM Financial.

4. What is the expected outcome of the NHPC OFS for the government?

   • The NHPC OFS is expected to raise approximately ₹2,300 crore for the government.

5. What are the key levels to watch in Nifty and Bank Nifty Call Put Option data?

For Nifty, the immediate support is seen at 21,950, with a decisive break below this level triggering further corrections. For Bank Nifty, the crucial level to sustain is 48,300, while the lower-end support lies in the 47,800-47,700 zone.