Markets extended their up move on Wednesday as a breakout above 17775 activated a new leg of buying in the broader market with the Nifty inching closer towards the psychological barrier of 18000.
Despite some oscillators like RSI hitting the 83 mark, there have been no signs of reversal and we expect Nifty to surpass 18300 in days to come. After yesterday’s up move, the retail volume has surged from Rs 24000 crore the previous day to Rs 37000 crore indicating fresh entrants at higher levels, and with continuous FII buying, we can expect Nifty to test 19000 in the coming weeks.
Nifty 50 Weekly chart
Stocks To Watch
Positive Read through
- M&M- Report says the company exploring the acquisition of the General Motors factory at Talegaon. RIL, MRPL, CPL- Export duty on diesel hiked to Rs. 7/ L from Rs 5/L.
- ONGC, OIL- Gov. cuts cess on crude by Rs. 4000/ton.
- NHPC- Signs MOU with Nepal Gov. for DPR & development of 2 Hydro Power Projects.
- MTNL- Gov. to infuse Rs. 1600 Cr for telecom companies operational merger.
- Piramal Enterprise- Sets September 1 as the record date for share allocation of Pharma arm demerger.
- Indus Towers- Reports say CDPQ is in talks with Vodafone Plc to buy a residual 21% stake.
Negative Read through
- RIL, MRPL, CPL- Export duty on diesel hiked to Rs. 7/ L from Rs 5/L
- Metropolis- CEO resigns on August 17, earlier than what was scheduled
- Adani Total- Reduces CNG prices by Rs. 4.70/ kg and PNG by Rs. 3.2/SCM.
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