Markets rallied further on Monday on the back of domestic buying to help Nifty clear 19,700 levels but India VIX suddenly shot up by 6% to the 11.3 level mark. The sudden surge in India VIX provides a warning signal that the up move remains unsustainable and may trigger a sharp reversal in the coming days. The Nifty 50 Total Return Inverse Index, which tracks the Nifty 50 Index inversely, has seen a bullish falling wedge, and we expect a significant reversal on the move below 19,591. Below 19,591, the ideal first target is seen at 17,900. The resistance on the upside is seen at 19,786-19,810.
Nifty 50 Total Return Inverse Index
Stocks to watch
Positive Read through
- Infosys enters into a framework agreement with one of its existing strategic clients to provide AI services.
- Indian Oil- Inks long-term LNG import deals with ADNOC LNG, TotalEnergies
- RPP Infra Projects- Wins order worth Rs 138 cr in Himachal Pradesh
- IRCON- bags project Rs 144 cr to commission integrated tunnel communication system
- Reliance- Jio Financial Services will be included in 19 NSE indices with effect from July 20.
- Sheela Foam- has received approval from the board for the acquisition of foam and coir-based home comfort products maker Kurlon Enterprise
- Patanjali Foods- GQG Partners has invested over Rs 2,400 crore in Baba Ramdev-led FMCG company Patanjali Foods
- ONGC- said it aims to produce 8,000 to 10,000 BPD from the east coast block in the second half of the current fiscal.
- Gujarat Fluorochemicals- Gujarat Fluorochemicals FZE, started commercial operations in Dubai.
- Maruti Suzuki has added an Acoustic Vehicle Alerting System for the intelligent hybrid variants of its premium sports utility vehicle
- Huhtamaki- exploring the possibility of monetizing cos land parcel at Thane which was taken on lease from MIDC
- HDFC Bank- mgmt. says domestic retail advances grew by 20 pct YoY led by home loans
Negative Read Through
- LTIMindtree- reports muted Q1 earnings, CC revenue up 0.1 pct QoQ
- Tata Elxsi- margin at 27.1 pct vs 30.5 pct, revenue rises 17.1 pct YoY
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