Markets on Thursday ended on a flat note firmly holding close above crucial support of 15683 as broader markets continue to budge under pressure while Bank Nifty posted gains of 0.5%. The spread of the Nifty 50-Nifty 500 Index has been approaching a ‘Bullish Triangle’ breakout and this would mean the next leg of the up move would be highly concentrated in Nifty 50 stocks.
An appearance of a ‘falling wedge’ setup in S&P Dollex 30 and Brent crude prices confirming a short-term downtrend is a key catalyst for a 20-23% rally in Nifty. Expect major short covering above 16000 in days to come.
S&P 500 posts worst first half since 1970, Nasdaq falls more than 1% to end the quarter. US 10-year Treasury yield dips as inflation reading is weaker than expected. OPEC+ sticks with planned oil production hike as supply concerns weigh on energy markets
S&P Dollex 30 & Spread of Nifty50-Nifty500 Index
Stocks to watch
Positive Read Through
- Bharti Airtel – CCI Approves Proposed Deal involving Google International, Bharti Airtel.
- Bharti Airtel buys an additional 2.06 pct stake in Indus Towers.
- Lupin gets U.S. FDA approval for ANDA Paliperidone ER tablets, a generic of Invega ER pills.
- Max India Files petition with NCLT for sanction of Scheme of Reduction of Capital with its shareholder.
- RIL Pret A Manger to Launch Operations in India With Reliance Brands.
- Union Bank of India Shareholders approves capital raising of about Rs 81b.
- CCL Products- Subsidiary Continental Coffee launches plant-based protein snacks; Continental Grrenbird’
- Hero Moto- Arbitration tribunal allows Co to use Hero trademark for EVs
- Banks in focus- RBI Report- Stress test results reveal banks can absorb shocks
- REC- Board approves 1:3 bonus issue, record date is July 5
- Lupin receives USFDA approval for Paliperidonw extended-release tablets
- Coal India- Reports say Co looking at taking all its eight subsidiaries public
Negative Read Through
- Import duty hiked on gold- Titan in focus
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