The market for the week remained under pressure on the back of a weakening rupee against a basket of developed currencies with Nifty 50 closing with losses of more than 1% while the Banking sector outperformed with 1% gains. The weekly close below 18580 in Nifty has punctured the short-term momentum and could be re-testing the next line of support towards 18300 in days to come.
The overall view suggests buying is on the decline with a major stop loss placed at 18100 and a potential target of 19867. The risk from global markets emerges from a breakdown in the Nasdaq Composite below 1000 DMA which can open wider cracks of more than 20% in the near term.
For Indian markets, the potential of Nifty 50 hitting 19867 would be negated on a close below 18100, thus should be watched with caution as the rupee may trigger panic selling after USDINR crosses the 84 mark.
Nifty 50 indexes & Nasdaq Composite
Stocks to watch
Positive Read Through
- VA Tech Wabag secures industrial wastewater treatment order in Romania worth about Rs 260 cr.
- Bharat Forge management is expecting strong domestic revenue growth along with muted overseas growth in FY24.
- Paytm Oct-Nov disbursement up 374 pct, merchant payment volume up 37 pct YOY.
- MTAR Tech signs MoU with Indian National Space Promotion and Authorization center to design and develop a two-stage to low Earth orbit liquid small satellite launch vehicle
- Adani Total Gas Wins mandate for EV charge station in 8 cities
- Emami Increases their stake in Brillare Science to 80.59% from 77.53%
- Kalpataru Power Raises Rs 990m via bonds in a private placement
- PSP Projects Gets Rs 1.22b civil construction order from Nila Spaces
- Dalmia Bharat- Board meets today to make note of the event by Dalmia Cement
- Affle- to consider the proposal for the issue of securities on Dec 14
- JP Asso/JP Power- Board meets today to discuss divestment initiatives
- Poonawalla Fin- To consider fundraise or selling of controlling stake in the housing finance arm
Negative Read Through
- VA Tech Wabag secures industrial wastewater treatment order in Romania worth about Rs 260 cr.
- Bharat Forge management is expecting strong domestic revenue growth along with muted overseas growth in FY24.
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