Markets rebounded with a vengeance after the 8-Bar reversal helping the Nifty 50 to regain above 200-DMA with midcaps and small-cap counters outshining key benchmark indices. The 8-bar reversal setup had occurred at a time when S&P Dollex 30 i.e., Sensex in USD terms was testing its down thrust of a bullish pattern i.e., falling wedge.
This U-turn in Dollex 30 index opens the scope for significant upside with the minimum target seen at +9%. Moreover, the sharp drop in India VIX by 7% on Monday’s trading session throws up the case for heavy put writing by strong hands at current levels, which ideally should provide the necessary cushion to help the Nifty index scale towards 19,500 in the near term.
S&P Dollex 30 ie Sensex in USD terms
Stocks to watch
Positive Read through
- Rail stocks: Single largest Indian railway tender in rolling stock of 200 Vande Bharat at Rs 512bn.
- Tata Motors/ SBI: Have signed a pact for financing solutions for Ace EV.
- Eicher Motors: Total RE sales are up 21% at 71,544 units vs 59,160 units (YoY).
- Welspun Corp: The company bags an order for the export of LSAW pipes and bends to the Middle East.
- KNR Constructions: The company bags an order worth Rs 665 cr in Andhra Pradesh.
- Bajaj Finserv: Company gets SEBI license to commence Mutual Fund business.
- Hero Motocorp: February sales at 394,460 units versus poll of 390,000 units.
- Logistics stocks: Baltic Dry Index Rises 11.01% to 1,099 in London, Up for a Ninth Day.
- HAL: Cabinet approves buying 70 HTT-40 Basic Trainer Aircraft from HAL for the Indian Air Force, worth Rs 6,828.4 cr.
- RVNL: Company & JV partners emerge L1 for railway project of 200 trainsets; cost per set Rs 120 cr.
- Dreamfolks Services has received board approval to acquire 60 percent equity shares of Vidsur Golf.
- Bajaj Finserv: Hercules Hoists Buys 185,000 Shares of Bajaj Finserv at Rs 1350 in Large Trade.
- L&T: Govt approves buying 3 training ships from L&T for Rs 3,110 cr.
Negative Read through
- HDFC: NCLAT dismisses HDFC’s plea against IL&FS HQ sale.
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