Markets managed to post weekly gain after formation of long legged doji with Nifty closing convincingly above the resistance of 23,400. With activation of channel breakout, the buying momentum is expected to accelerate further, and Nifty could be positioned for crossing 24,600 in the coming weeks on the back of short covering. The Bank Nifty, which so far remained laggard, has also managed to close above the psychological barrier of 50,000 mark, which could lead to further extension of momentum towards 54,000 in the coming days.
Nifty 50 Chart
Stocks to watch
Positive Read through
- Adani Ent – Promoters increase stake by 2.02 pct to 73.95 pct.
- Bharti Airtel – Prepays Rs. 79.04 bn high-cost spectrum liabilities to Dot for 2012, 2015.
- M&M – Plans to launch 13 new SUVs & 3 facelifts over 2024–30′.
- Wipro – Extends partnership with Hanesbrands, partners with GBST.
- Indigo – Market share rose to 61.6 pct, amends agreement with P&W for engine issues compensation.
- HAL – Defence Ministry issues request for proposal to procure 156 light combat helicopters.
- RVNL – Emerges as lowest bidder for a project worth Rs. 1.60 bn of East Coast Railway.
- Paytm – In talks for a potential sale of entertainment business, no binding agreement yet.
- Alembic – Gets final US FDA nod for Icatibant injection single-dose prefilled syringe.
- BLS Intl – Arm to acquire 55 pct stake in Aadifidelis Solns for Rs. 1.90 bn.
- Allcargo Terminals – May CFS volumes jumped 2 pct YoY & up 3 pct MoM.
- Jubilant Ph – Arm to invest USD 50 mn for PET Radiopharmacy network, to prepay USD 75 mn debt.
- Godawari Power – Board approves buyback of up tο 1.64 pct stake at Rs. 1,400/sh.
- Zomato – In initial talks with Paytm to acquire its entertainment business, no binding agreement yet.
Negative Read through
- TCS – US court imposes USD 194 mn penalty for trade secret misappropriation.
- Biocon – US FDA issues 3 observation for API unit (site 6) at Visakhapatnam.
- STL – EU imposes anti-dumping duty on optic fibre cables from India.
- Zydus – US FDA classifies injectable manufacturing unit at Matoda as official action indicated.
- IIFL Fin – GNPA stood at 2.32 pct Vs 1.71 pct, disbursement declined 15.4 pct YoY.
- Butterfly Gandhimati – MD Rangarajan Sriram resigns.
- PTC India – ICRA downgraded credit rating on NCD, Fund based term loan, commercial paper.
- JM Fin – Gets an administrative warning letter from SEBI in its capacity as a merchant banker in relation to certain past public issuance of NCDs.
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