Markets inched higher for third consecutive trading session which led to formation of three white soldiers’ pattern on candlestick in Nifty 50 Index while broader markets continued to remain laggard. The three white soldiers’ pattern is considered more reliable if each candlestick closes progressively higher than the previous one and if there is a substantial increase in trading volume on the third day, which was evitable yesterday.
As Nifty moves closer towards 24,000, the focus has shifted towards high market cap stocks within the index and has been outperforming with wide margin. In the current context, we expect the current rally to continue with an expected target towards 24,750 in the near term. We expect Bank Nifty to surpass 55,000 in near future.
Nifty 50 Chart
Stocks to watch
Positive Read through
- Reliance – Reliance Jio acquires 14.4 MHz spectrum for Rs. 9.73 bn.
- Bharti Airtel – Acquires 97 MHz spectrum for a total consideration of Rs. 68.57 bn.
- Bajaj Finance – Company looks at entering postpaid loan business by September.
- DRL – Agreement with Haleon Plc to acquire Nicotinell & related brands for USD 500 mn.
- JSW Energy – Arm JSW Neo Energy signs PPAs for 1,325 MW of renewable energy projects.
- PI Ind – To acquire Plant Health Care Plc for POUND 32.8 mn (approx Rs. 3.46 bn).
- Voda Idea – Acquires 30 MHz spectrum for Rs. 35.10 bn.
- RVNL – JV gets LoA for a project worth Rs. 1.56 bn from Southern Railway.
- KEC Intl – Bags new orders worth Rs. 10.25 bn in T&D & cable businesses.
- CSC Bank – Promoter FIH Mauritius to sell 9.72 pct equity via block, floor price Rs. 352.4/share.
- SJVN – Mou with AM Ammonia for supply of renewable energy for ammonia plants.
- Bharti Hеха – Acquires 15 MHz spectrum with an outlay of Rs. 10.01 bn.
- Eureka – Focus remains on category creation, premiumisation.
- Ramky Infra – Gets notification of award for a project worth Rs. 1.31 bn from Power Grid.
- Sona Coms – Gets certification for traction motor for electric two-wheelers under PLI-Auto scheme.
Negative Read through
- Archean – Piramal Funds to sell the entire 10.13 pct stake via block, floor price Rs. 655/sh.
- L&T – Company’s EPC company is facing a deficit of 25,000–30,000 workers.
- Patanjali Food – Baba Ramdev and Acharya Balkrishna got notice from Kozhikode court over advertisements relating to ayurvedic medicines.
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