Markets remained under pressure last week on the back Fed rate hike by 50 bps along with RBI’s surprise policy action.
The Nifty violated key support of 16671 on back intensifying selling pressure in the broader market and LIC IPO sucking out liquidity from the system.
Below 16671, the ideal reversal zone for Nifty is placed at 16123 where the market may hit rock bottom and may follow up with a major upswing in the near term.
The next leg of the up move is expected to be narrow with few stocks leading the rally and the main contributor for gains may come from financials and FMCG-related stocks.
Expects the market to open on a negative note on account of weak global markets.
Shares in Asia-Pacific declined in Monday morning trade as investors look ahead to the release of Chinese trade data for April.
US 10-Year bond surged to a 4-year high at 3.12%.
Nifty 50 Index & Spread of Nifty50-Nifty500 Index
Stocks to watch
Positive Read through:
- Indian Hotels Hospitality Sector at Pre-Pandemic Levels says a top executive
- Jindal Worldwide has acquired Mumbai-based electric vehicle start-up Earth Energy EV through its subsidiary Jindal Mobilitric
- Lupin (LPC): Says U.S. FDA Approves Co.’s ANDA for Pregabalinced
- Tata Power commissions 120MW solar project
- Tata Power 4Q Net Income +28% Y/y to Rs 5.03b, Beats Est. 4.54b; Revenue +15% to 119.6b
- Tata steel to grow organically, new acquisitions unlikely this decade says MD
- Mindtree investors get 73 L&T Infotech shares for 100- Neutral.
Negative Read through:
- Reliance announced lower than expected consolidated and standalone Ebitda.
- Navin Fluorine 4Q profit Rs 787.6m Vs. 3.4b year earlier; Revenue 4.1b vs 3.4b y/y
- Bajaj Consumer 4Q Net Income -29% Y/y to Rs 383.7m, Misses Est. 468.6m; Revenue -11% to 2.19b.
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