Markets ended higher on Monday on the back of broad-based buying with Bank Nifty surpassing its August highs of 39,759 and activating a major breakout. The breakout in Bank Nifty may act as a catalyst for Nifty crossing its all-time high in the current week with major short covering expected in the Nifty 50 Index above 17,777.
On an immediate basis, the Target for Bank Nifty is placed at 42000 while Nifty-50 is likely to trigger breakaway gap around 17,777 with short term target of 17602.
Nifty 100 Monthly chart & Sensex Daily
Stocks to watch
Positive Read through
- NTPC Acquires 600MW Jhabua Power for $116 Million.
- Reliance Power To consider raising long-term resources from the domestic/global market on Sept 8.
- Narayana Hrudayalaya To acquire Orthopedic and Trauma Hospital, Bengaluru for INR 2b.
- Federal Bank Federal Bank Says Report of Merger ‘speculative’.
- Coal India Says Aug coal dispatch is up 5.41% Y/y to 63.43m tons, and production increases 8.27% Y/y to 58.33m tons.
- RIL to acquire 79.4% of SenseHawk Inc for USD 32 mn.
- Cipla, JB Chemicals, Torrent- Reports say Cos is in the race for Rs 4500 cr Medley acquisition.
- Force Motors- Vehicle production up 10% and sales up 12% YoY.
- NIIT, CL Educate- 14,500 schools to be developed and upgraded under PM-SHRI Scheme.
Negative Read through
- Bajaj Finserv- Bajaj Allianz Aug gross direct premium underwritten down 59%, MoM.
- Lupin – Baltimore-based arm recalls 30-count bottles of Rifampin cap in the US.
- Zydus Life- New-Jersey-based arm recalls 1116 boxes of Fulvertrant injection.
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