Markets began on a positive note on Monday with the Nifty 50 attempting to cross-resistance of 18000 but failed to close the above same. The ratio of Nifty 50 to Crude may act as a crucial trigger for Indian markets in the near term and force FIIs to realign their incremental investments in Indian Equities.
We expect major short covering above 18000 with an expectation of Nifty taking out its all-time highs in coming days. One can average long positions above 18000 with Bank Nifty expected to drive higher towards 42000.
Dow added 229 points, while the S&P 500 and Nasdaq gained 1.1% and 1.3%, as investors continued to assess the outlook for monetary policy amid hopes that inflation has peaked
Nifty 50 Index & Ratio of Nifty 50 Index to WTI Crude Oil
Stocks to watch
Positive Read through
- Reliance Jio satellite unit has received a letter of intent (LoI) from DoT for satellite communication services.
- JSW Steel reported a 22% jump in crude steel production in August this year to 16.76 lakh tonnes.
- Tata Consumer has entered the health supplements segment with the launch of the ‘Tata GoFit’ range for women.
- S&P has affirmed State Bank of India’s long-term rating ‘BBB-‘ on improving asset quality.
- Vedanta picks Gujarat for its semiconductor project, the first major step in its $20 billion joint venture with Taiwan’s Foxconn.
- Ujjivan SFB launches QIP at a floor price of Rs 21.93 ahead of the merger.
- Adani Transmission Sayas Reliance Infra’s Arbitration Asks Untenable.
- IRB Infrastructure August gross toll collections jump by 35% Y/y to 3.36b rupees, up 5% from July.
- Nippon Life India Nippon Life, DWS to Launch Europe- Listed India Govt Bond ETF.
- Premier Explosives Gets orders from overseas entities to supply rocket motors.
- Tata Consultancy To build an operations platform for C&S Wholesale Grocers.
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