Markets extended gains on Monday with gap up opening but failed to cross the crucial resistance of 24,387 despite support from Bank Nifty. A doji star was seen as a sign of indecisiveness but reversal of the recent rally can be confirmed only on close below yesterday’s low which is placed at 24,135. The levels of 24,387 is seen at 38.2% retracement and is likely to act as a major turning point. The gains in market were mainly contributed by rebalancing in MSCI Index which led to inflow of USD 2.5 bn. However, overall view on Nifty still remains cautious and markets are prone to resume the decline.
Nifty 50 Chart
Stocks to watch
Positive Read through
- Telcos – Cabinet approves bank guarantee waiver for pre-2022 spectrum acquisition.
- Bhel/Hitachi – JV gets Lol for Khavda Nagpur HVDC project from Power Grid.
- HUL – To demerge & separately list Ice-Cream business.
- Power Grid – Gets lol to establish inter- state transmission system in UP & Rajasthan.
- SBFC – IRDAI issues certificate of registration to the company to act as corporate agent.
- Ashoka Buildcon – Gets LoA for a project worth Rs. 13.91 bn from NHAI.
- Premier Energies – Arm bag multiple orders worth Rs. 10.87 bn.
- Allcargo Logistics – October LCL volumes up 5 pct, FCL volumes up 14 pct YoY.
- Indigo – October market share at 63.3 pct vs 63 pct (MoM).
- Railway Stocks – Cabinet nod for 3 railway projects worth Rs. 79.27 bn.
- Maruti Suzuki – Company achieves 3 mn car export milestone.
- Crompton Greaves – Company launched LED Tab Light.
Negative Read through
- Adani Green/ Adani Ports – Fitch puts Adani Green & Adani Ports on negative rating watch.
- Zomato – QIP launched, indicative price of Rs. 252.62/share at 7.6 pct disc to CMP.
- GE T&D – Promoters to sell up to 8.38 pct stake via OFS, floor price 1,550/sh.
- Micro Fin Cos – Micro fin regulator tightens lending norms.
- KEI Ind – QIP launched, indicative price of Rs. 3800/share at 5.5 pct disc to CMP.
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