Markets opened lower on Tuesday amidst weak global cues but a late recovery in the broader market helped the Nifty end with marginal gains above 15850. The trading volumes were the lowest for the year as dull activity forced most participants to sit on the sidelines.
Generally, at the tapered end of ‘Falling Wedge’, volumes tend to contract and later on expand with a rising gap. In the current context, we expect a breakout from the falling wedge is likely to occur above 16050 in Nifty.
Hence one should aggressively add long positions above the same. Adding to it, after USDINR hits 79.5, we expect some stability to prevail in USDINR with FII retreating from further selling in the cash market which would also act as a catalyst for recovery.
S&P Dollex 30
Stocks To Watch
Positive Read Through
- Media report that the government is considering some raw sugar exports.
- Nazara Tech and Delta – GST Council will take up extending compensation to the states and imposing 28 percent on casinos, online gaming, and racing, bringing them on a level with gambling.
- Glenmark Pharma- The cos U.S. arm acquired four OTC ANDAs from Wockhardt.
- Infosys has been selected by the Australian express logistics business to separate the technology landscape
- Paras Defence – New Space India controlled by the Government of India, has executed an LOI for “Optical Imaging System” technology developed by ISRO.
- Tata Motors has announced an impending price hike in its CV range. An increase in price in the range of 1.5-2.5%, will come into effect from July 1
- Route Mobile approves share buy-back at Rs1700cr worth Rs120cr or 1.3% equity share from the open market
- BHEL – India Ratings & Research has reviewed and reaffirmed the ratings of the company’s bank facilities to ‘IND AA’.
- Hindustan Aeronautics announced dividend Rs10 a share.
Negative Read Through
- SBI, ICICI Bank- The banks will invest Rs 4.03 crore each to pick up a 9.54 pct stake in Perfios, an account aggregator.
- GST Council hike tax rate on LED light from 12 pct to 18 pct and solar water heaters and finished leather from 5 pct to 12 pct- Havell’s, Voltas, Bata India.
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