Markets continued to feel the heat at higher levels with the Nifty 50 giving up most of its gains in last hour of trade to close on a flat note. The level of 18513 remains a key hurdle without which the market remains in an extreme danger zone with a potential target of 14700. At the current moment, volatility has squeezed to the lowest point on the back of the Nifty 500 Index moving towards the apex zone of the Ending Triangle.
A 1% lower closing in the Nifty 500 Index or Nifty 50 Index could trigger major algo selling which may force Indian equities in a quick span of time. Overall, one needs to remain highly cautious as long as Nifty 50 trades below 18513.
Nifty 50 Index
Stocks to watch
Positive Read through
- Tata Consumer- Reports say Co to acquire Bisleri for about Rs 7000 cr.
- Biocon- Agreement with Europe Co Zentiva for commercialization of Liraglutide.
- Granules give a long-term strategy and expect to reach a 23-24 pct EBIDTA margin.
- PVR/Inox- NCLT Mumbai to hear the merger case on Dec 15.
- Star Health, PB Fintech- caps on commissions to agents and intermediaries removed.
- Fino Payment- Capri Global Holdings buys 13.1 lakh shares at Rs 228.77 a sh.
- Voltamp- Nalanda India Fund sells 4.2 lakh shares, and Nippon India MF buys 3 lakh shares.
- Dodla Dairy- forms a subsidiary of Country Delight Dairy in Kenya.
Negative Read through
- Glenmark- USFDA issues warning letter to Goa plant.
- SBI Card- Chief Risk Officer Aparna Kuppuswamy resigns.
- ONGC, OIL- Crude prices slip overnight, and Brent is back near USD 85 a bbl.
- Tata Motors- China daily Covid cases hit a record high.
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