The market witnessed selling pressure on Wednesday with Nifty 50 breaching short-term support of 18580 due to weakness in the technology sector but Bank Nifty outperformed. The dull trading activity is a sign of major accumulation unless prices breach 18100 on the lower side.
For the moment, the strategy remains to buy on a decline with the ideal bottom expected around 18350 and a potential target of 19867.
Nifty 50 index
Stocks to watch
Positive Read through
- Guj fluoro- Co receives 623cr towards advances provided to group co Inox Wind.
- Talbros Automotive bags multi-year order worth Rs 60 cr.
- HCL Tech tied up with Intel and Mavenir to develop and deliver private 5G solutions.
- Eicher Motors- Royal Enfield commences operations at its new Brazil facility.
- HDFC Bank, HDFC- files petition for NCLT approval to the proposed merger.
- Lupin gets USFDA nod for Sertraline Hydrochloride.
- TVS Motors acquires German Co BBT 35/22 Vermogensverwaltungs GmbH for Euro 25,000.
- Macrotech- Fixes QIP floor price at Rs 1023 a share, Dec 7 fixed as a relevant date.
- Triveni Engg- reports say promoter to sell 7 pct equity via block deals at Rs 280-285 a sh.
Negative Read through
- ONGC, OIL- Crude slide continues, brent slips to the lowest level in 2022.
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