Markets for the month of June ended with gains of 6.5% after a volatile month, but the larger setup has turned out to be a hanging man on the candlestick chart. Traders often look for confirmation in subsequent trading sessions to validate the bearish signal of the hanging man pattern, which could involve looking for a lower close or further downside movement in the following candles. The upside potential for Nifty remains valid for 24,750.
Nifty 50 Chart
Stocks to watch
Positive Read through
- SBI – Government panel recommends Challa Setty as the next SBI chairman.
- Ultratech – Commissions additional 3.35 MTPA clinker & 1.8 MTPA grinding capacity at AP unit.
- Godrej Prop – Acquires land in Bengaluru, Rs. 12 bn sales potential, leasehold rights in Pune.
- Voda Idea – Hikes tariffs in the range of 10-23 pct with effect from July 4.
- Signature – Gets sales worth Rs. 27 bn for the residential project Titanium SPR in Gurugram.
- Orchid Ph – Partners with Cipla to launch antibiotic Cefepime-Enmetazobactam in India.
- Zydus Life – Licensing agreement with Dr Reddy’s to co-market drug Pertuzumab Biosimilar.
- PTC Ind – Develops casting tech for aero, gas turbine applications.
- Navin Fluorine – To raise funds worth Rs. 7.5 bn via QIP & other modes.
- IREDA – Q1 loan disbursements up 67.6 pct, sanctioned loans up 3.8x YoY.
- BEL – Gets contract worth Rs 31.72 bn from Armoured Vehicles Nigam.
- Cochin Shipyard – Company subsidiary wins order worth Rs. 11 s.
- Titan – Forms 76-24 JV with Rhythm Jewellery in Bangladesh for manufacturing jeweler products.
- India Glycol – Says 2nd phase of expansion of Bio-Fuel Ethanol plant at Kashipur in progress.
- REC – Approves the incorporation of 2 project-specific SPVs as wholly owned subsidiaries of arm.
Negative Read through
- Tata Consumer – Gets tax demand order worth Rs. 1.72 bn for FY19-20.
- GAIL- Jagdishpur-Haldia-Dharma pipeline completion pushed to March 2025 vs June 2024.
- Neogen Chem – Promoter divests 5.67 pct ownership in company, SBI MF and white Oak buyers.
- Maithan Alloys – Says that unit deferred to resume its production during June due to operational reasons.
- Bank of Baroda – Received Income Tax order for tax demand of Rs. 10.67 bn.
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