Markets remained under pressure on Monday after Nifty futures failed to open above the crucial hurdle of 22,250 and was followed by a lower closing of 0.3% despite robust global markets. The current consolidation could be on the back of rollover activity as we move closer to expiry while a higher premium in the next month’s futures and a higher number of stocks in the F&O ban list clearly points out positive sentiments in markets. From a Nifty perspective, we expect the trading range to breakout on the upside with an immediate target of 23,300. Momentum traders can add further long positions once the Nifty future surpasses above 22,250.
Nifty Futures Chart
Stocks to watch
Positive Read through
- Wipro – Launches joint 5G private wireless solutions with Nokia.
- Canara Bank – The Board approves split of each share into 5 having `2 face values.
- Bank of Baroda – Cuts car loan floating rate by 65 bps to 8.75 pct till March 31.
- Voda Idea – Board meet to mull fundraise to be held today.
- City Union Bank – Opens 21 branches, total branches increase to 799.
- Power Mech – Bags orders worth Rs. 3.96 bn for 4th railway line in Chhattisgarh.
- Crompton – HDFC MF increases stake by 2.14 Pct via open market.
- Grauer & Weil -The Board approves bonus issue in the ratio of 1:1.
- Cipla – The Company gets approval to introduce Zemdri injection in India.
- Lemon Tree – Signed license agreement for Lemon Tree resort in Sankhwas Garh, Rajasthan.
- HFCL – Company bags purchase orders worth Rs. 403 mn for supply of optical fiber cables.
- TVS Motors – Arm to increase shareholding in Killwatt GmbH to 49 pct from 39.28 pct for EURO 4 mn.
- Sigachi Ind – Forms JV ‘Sigachi Global’ to enter UAE food and pharma market.
- Zuari Agro – The Company executed a sale deed for the sale of land in Goa for Rs 800 mn.
Negative Read through
- Paytm – PPBL reconstitutes board to drive compliance, VSS resigns from PPBL board.
- Andhra Cem – Promoter Sagar Cements to sell 5 pct stake via OFS, floor price Rs. 90/share.
- CMS Info – Promoter Sion Invest to sell entire stake via block, floor price Rs. 360/share.
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