Markets witnessed profit booking at higher levels but Sensex continues to trade firmly above its key reversal levels of 70,400 while India VIX shoots closer to the 14 mark. The rise in India VIX which has seen a sustainable upmove beyond 14 levels indicate that the market is prone to a sharp reversal. Compared to Sensex, Nifty Bank levels are trading closer to reversal. A close below 47,810 in Nifty Bank should provide a trigger for reversal with immediate downside towards 46,500. For Nifty, the upper trading zone for the week is placed at 21,850-21,900 and reversal would be confirmed below 21,143.
Sensex 30 Chart
Stocks to watch
Positive Read through
- Vedanta – Board declares interim dividend of Rs. 11/shares, amounting to Rs.40.8 bn.
- Sun Pharma – To acquire 16.7 pct stake in US- based Lyndra Therapeutics for USD 30 mn.
- IDFC First Bank – RBI aproves merger of IDFC Ltd & IDFC Financial Holding with company.
- NHPC – To consider power plant monetisation to fund capex on Dec 22.
- Devyani Intl – Forays into Thailand QSR market by acquiring 274 KFC restaurants.
- Ircon – Intl chamber of commerce pronounces Rs 1.03 bn award in its favour.
- Allcargo Logistics – Acquires 51 pct in ECU line Middle East for approx Rs 146 mn.
- Kaynes Tech – As per sources, company launches Rs 14 bn QIP, issue price at Rs. 2,424/share.
- JTL Ind – Board approves preferential allotment & Rs.13.1 bn fund raise via QIP.
- India Glycols – Bags Rs. 11.6 bn ethanol supply tenders for sugar season.
- Biocon – Biologics concludes integration of acquired biosimilars business in 120 countries.
- Nestle India – Company fixed record date Jan 5 for stock-split.
- Archean Chemical – Goldman Sachs, Tata AIA Life Insurance and DSP MF picked a 2.46 pct stake.
- Satin – Company to consider and approve QIP Issue Price today.
Negative Read through
- OMCS – Oil major pause Red Sea shipments amid Israel-Hamas conflict.
- KPI Green – Operations at Sahupuram, Tamil Nadu temporarily suspended due to flooding.
- DCW – General Atlantic Singapore Fund sells 9.99 pct of total 48.2 pct stake.
- Bandhan Bank – Rating agency Crisil has downgraded the NCDs of Bandhan Bank.
- Zee Ent – Sony-Zee USD 10 Bn Merger Nears Collapse Amid CEO Appointment Deadlock and Regulatory Concerns- as per reports.
- KRBL/LTFoods – Government has directed rice sector to cut domestic prices.
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