Markets opened lower amidst weakness in technology stocks but recovery in financials helped the Nifty to end on a flat note while Bank Nifty gained by 1%.
The India VIX also ended on a flat note thus confirming a third consecutive close below 200 DMA and activating a major breakdown in the near term. With the support of heavy put writing in the system expect the market to trade with positive bias despite any lower opening with an immediate target seen at 17500 in Nifty in the coming days.
On the downside, as long the Nifty holds above 16123, positive momentum continues to remain intact with outperformance expected from financials.
S&P Dollex 30 (Sensex in USD terms)
Stocks To Watch
Positive Read Through
- Pharma Sector- Indian Pharma Sector up 13% in June vs 6% decline in May YoY
- MRPL- To discuss options for min. public shareholding norms on July 15
- Borosil Renewables- To consider fundraising on July 14
- Suryoday SFB- Q1 deposited up 21%, advances up 28% YoY
- Dilip Buildcon- CCI approves Shrem India’s plan to buy off the company’s stakes in 10 projects.
- Satin Creditcare Plans to raise up to INR50b via bonds sale
- HFCL received an order from a domestic telecom company for their Fiber to the Home Network worth Rs 59.22 crore.
- Bajaj Hindusthan SEBI levied INR1m penalty; co. to appeal at Securities Tribunal
- Eureka Forbes Names Pratik Pota as MD and CEO for 5 years
Negative Read Through
- Metal Stocks- Continue decline, Aluminum & Copper at 1 year low
- Sunteck Realty- Pre-sales down 34% & collection slips 29% QoQ
- Spandana- Q1 NPA raises to 15.5%, net disbursement down 43%
- Trident- Production of bath linen falls 23.6% YoY in June
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