Markets activity remained tilted towards large cap with Sensex moving closer to its all-time peak despite India VIX posting gains. After yesterday’s up move India VIX has moved closer to breakout and a move above 12 should be seen as a major sign of strong Put option accumulation in markets and an initial leg of unwinding may be faced by high beta counters especially midcaps and small caps. An immediate upside projection of India VIX is seen at 14 on a move above 12. For Sensex, crucial levels to be watched would be 67619 on a closing basis as most of the time major tops are formed in the area of earlier peaks and in Nifty terms reversal to be confirmed on a close below 19830. Markets are unlikely to sustain higher levels if India VIX keeps on a steady rise and would be seen as a major sign of a bull trap.
Sensex Chart
Stocks To Watch
Positive Read Through
- Adani Ent – Adani Wind receives windguard certification for a 5.2 MW wind turbine generator.
- IRCTC – The company signed an agreement with MSRTC to enable online bus booking through its bus booking portal.
- Cummins – CPCBIV+ compliant genset line introduced for Delhi-NCR markets.
- Bajaj Health – US FDA approves EIR for Api manufacturing facility in Gujarat.
- Suven Pharma – Cabinet approves Rs 95,890 mn FDI in the company for 76 pct shares.
- NBCC – Secures Rs.800 mn Sail order and signs agreements to sell non-core vizag assets.
- Kirloskar Ferrous – NCLT approves corp debtor resolution plan, Oliver Engg.
- Llyod Steels – In agreement with Barc for tech transfer, will aid in seawater desalination.
- Tata Steel – Company & UK govt close to finalising 500 mn pound deal to secure Port Talbot plant’s future.
Negative Read through
- Indigo – Company has been allowed to wet-lease 11 A320 aircraft according to DGCA source.
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