Markets recovered from lows on Monday to finally close with losses of less than 0.5% on the back of gains in technology stocks with Sensex closing above the key resistance of 57634. The current setup of bullish ‘Broadening Descending Wedge’ in SGX Nifty clearly marks the accumulation phase and we expect a major upswing towards 18800 on a move above 17360.
Adding to it, US markets have also shown positive divergence in RSI which may be a sign of an upcoming rebound in global markets and this may provide a necessary booster for Indian markets. Overall view of Nifty remains positive.
SGX Nifty Futures
Stocks to watch
Positive Read through
- TCS- 2Q net income up 8.4% YoY to Rs 104.4b, beats est. 102.93b, revenue up 18% YoY to 553.1b, order book at USD 8.1b.
- Adani Ports Gets NCLT Nod for Acquisition of Gangavaram Port.
- Ashiana Housing Says 224 units in Gurugram project booked, value at Rs 2.43b.
- India Cements Sells Unit Springway Mining to JSW Cement for USD 57.9M.
- Inox Wind Unit Inox Green sells three units to Adani Green.
- Panacea Biotec Gets USD 127.30m vaccine order from UNICEF, PAHO.
- Tata Motors Says 2Q Group Global Wholesales Rise 33% YoY to 335,976.
- Infosys- to consider buyback along with results on Thursday.
Negative Read through
- Trident- Bed Linen production is down 12%, yarn down 8%, and paper down 4% MoM.
- IRB Infra- September toll collections are up 36% YoY, down 2.3% MoM.
- Reliance Infra- Delhi HC allows DMRC time till Oct 31 to come up with a repayment plan.
- Rating cos – RBI observes, rating actions are often devoid of lender’s details.
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