Markets began the week on a positive note with Nifty ending closer to 19,400 despite continuous selling from FIIs. The Nifty setup clearly calls for caution after the initial impulse leg of decline and the next leg of decline for Nifty could be well below 17000. The short-term charts suggest that selling pressure in markets could be reinforced on a move below 65,175 in Sensex and the next leg of the down leg could begin from the Banking sector. On the upside, the major hurdle is seen at 19,483 which turns out to be the previous week’s high.
Nifty 50 Index
Stocks To Watch
Positive Read Through
- Adani Enterprise’s promoter acquires 2.22 pct stake from Aug 7-18, stake increases To 69.87 pct
- Glenmark Pharma US arm in settlement with DoJ with respect to drug price-fixing, to pay USD 30 mn
- L&T Tech’s management says that deal activity increased slightly in July compared to April/May.
- Union Bank releases a QIP worth Rs. 50,000 million, with a floor price of Rs. 91.1 per share.
- Lemon Tree signs licence agreement for 2 properties in Bhubaneswar & Kasauli
- Rites in MoU with NHPC for 2880-MW Dibang multipurpose project in Arunachal
- Brigade Ent sets to acquire 6.54 acres of land parcel in Chennai to develop a residential project
- Ramky Forg gets NCLT’s nod for a resolution plan to acquire JMT Auto under the insolvency process
- Shriram Properties Omega TC sells 1.8 mn shares in a block trade at Rs. 75 per share and owns 9.3 pct of the company.
- Welspun Enterprises acquires the remaining 50.10 pct stake in Michigan Engineers.
- Tata Power- Renewable Energy signs PPA for 9 MWp on-campus solar plant with Tata Motors Limited for Pantnagar plant in Uttarakhand.
- Sula Vineyards to concentrate on vineyards outside Bengaluru.
- RITES signed an MoU with NHPC Limited to collaborate on comprehensive Consultancy services for Rail Infrastructure facilities.
- BHEL has received an order worth Rs 4000 crore from Mahan Energen, a unit of Adani Power.
Negative Read Through
- SJS according to sources 30 pct equity worth Rs 5,415 mn to change hands via a block deal.
A financial planning platform where you can plan all your goals, cash flows, expenses management, etc., which provides you advisory on the go. Unbiased and with uttermost data security, create your Financial Planning at Rs. 1499/-
Disclaimer: The views shared in blogs are based on personal opinions and do not endorse the company’s views. Investment is a subject matter of solicitation and one should consult a Financial Adviser before making any investment using the app. Making an investment using the app is the investor’s sole decision, and the company or its communication cannot be held responsible for it.