Market action may suggest “All is well” based on the performance of “B” Group stocks movement in the past few days. But underperformance in Nifty 50 indicates a sign of a major warning. The Indian markets have a history to replicate movement in US Banks with a lag effect of 15 days and some of the giant US Banks namely Goldman Sachs are already showing signs of a major breakdown.
The weekly spread chart of the Nifty 50-NIfty 500 Index also collaborates with this warning, with price data showing aggressive shorting in Nifty futures for hedging broader portfolios. A Breakdown in the Spread of the Nifty 50-NIfty 500 Index would trigger algo selling in Indian markets which may force Nifty 50 well below 17,000 in a quick span of time. The crucial levels to watch in Nifty futures would be 19,265 for opening short positions.
S&P 500 EQ Wt Index (US Markets)
Stocks To Watch
Positive Read Through
- Crompton Consumer- Company says it has identified & looking to plug gaps in its portfolio
- Beml gets Rs Rs 1,010 mn worth of orders from the Defence Ministry
- RITES has emerged as the lowest bidder in the tender floated by Railway Board.
- Linde India receives LoA from IOCL to set up an air separation unit
- SJS Ent- domestic MFs are buyers in block deals, Evergraph sold 29.5 pct
- TRF- MS Asia Singapore PTE sells the entire 1.85 pct stake at Rs. 232.8/Sh via block deal.
- Hindalco plans to invest Rs. 20,000 mn in railways-related projects
- Marksans Pharma gains on USFDA nod to flu drug.
- Adani Total Gas has partnered with Prakriti E-Mobility to develop EV charging infrastructure in New Delhi.
- NBCC- signed an MoU with Delhi Metro to work together in the field of building and infrastructure development overseas.
- Zydus Life will complete the acquisition of a 6.5 pct stake in Mylab Discovery Solutions in the next 20-30 day
- Torrent Pharma joins race to acquire Hamied family stake in Cipla accord to reports
- Vodafone Idea- Plans to clear about Rs 2,400 crore of dues to the government by September
- Mphasis- LIC of India increased its shareholding in the IT company from 4.99% to 5.05%
Negative Read Through
- Banks- Liquidity of Banking system turns deficit in FY24 for the first time
- ONGC/Oil Brent lower, WTI crude slips below USD 80/ bbl
- Brightcom- SEBI bars CMD and CFO from holding KMPs in listed companies
- Netweb Technologies- 1 month anchor lock-in period ends today, it was down by 13 pct since listing
- Sula Vineyards- Promoter, Managing Director and CEO Rajeev Samant has sold a 0.99% stake reducing his total stake to 24.98%
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