Markets remained under pressure on the back of weakness in the technology and metal sector with the Nifty closing below the key support of 16123 on Tuesday.
However, with a sharp drop in Brent crude prices yesterday below USD 100 a bbl, it may fuel positive sentiment for Indian markets which have been battling with rising energy prices.
On the backdrop of the bullish belt hold line pattern on the weekly candlestick chart, we expect weekly closing to come significantly higher by Friday. The immediate target for Nifty is seen at 17500.
Shares in the Asia-Pacific were mixed on Wednesday ahead of China trade data and central bank decisions in the region. Investors will also be looking ahead to the U.S. inflation report for June. Oil slides below USD 100 on a strong dollar and weaker demand outlook.
S&P Dollex 30 (Sensex in USD terms)
Stocks to watch
Positive Read Through
- Asian Paints, Berger Paints- Crude falls sharply, closes below 100$/ barrel
- Delta Corp- Margins improve QoQ & YoY, margins up 580 basis points QoQ
- Deepak Nitrite- Gujarat pollution board revokes closure order for a unit for 3 months
- Navin Fluorine- Starts Hydroflouro olefins plant for Honeywell’s contract
- Anand Rathi- EBITA up 28%, Revenue up 36% and AUM up 15% YoY
- Plastiblends India- Q1 profits rise 48%, EBITA up 25% YoY
- Shilpa Medicare- Bangalore unit IV gets UK MHRA GMP certificate.
Negative Read Through
- HCL Tech- Margins disappoint, decline 100 basis points despite no wage costs
- ONGC, OIL- Crude falls sharply overnight, below 100$/ barrel
- Sterling & Wilson- Losses jump 5x, EBITA loss increase to Rs. 344 Cr. YoY.
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