Benchmark indices ended on a flat note after sharp gains seen in the previous session while the Nifty Bank slightly outperformed. However, the broader markets outperformed with the Nifty Midcap and Small cap indices seeing gains in excess of 0.5 pct. Nifty is facing resistance near the psychological level of 25k. For Nifty, resistance is seen at 25,200 while reversal is likely to be confirmed on weekly close below 24,750. Meanwhile, crude prices have seen sharp reversal in the past few days and makes a strong case for a long-term breakout. A bullish pennant can be clearly seen in MCX Crude which has a potential to trigger larger upside breakout in the near term.
Nifty 50 Chart
Stocks to watch
Positive Read through
- Wipro – Expands ties with Dell Tech to strengthen its enterprise AI- ready platform.
- LTIMindtree – Karnataka high court stays GST demand order worth Rs. 3.78 bn.
- Zydus – Gets final US FDA nod to market amantadine extended-release capsules.
- Bharti Airtel – Indus Towers has now become a subsidiary of company, holding crosses 50 pct.
- Lupin – Gets US FDA nod for hypertension drug brimonidine tartrate opthalmic solutions.
- UPL – Acquires remaining 20 pct stake in pt Excel for USD 6.85 mn.
- L&T Fin – Industry-wide MFI stress incidence to dissipate by H2FY25.
- LTTS – Target to achieve sales run- rate of USD 2 bn & margin of 17-18 pct over medium term.
- Zomato – Completes acquisition of Paytm’s entertainment ticketing business.
- PNC Infra – Declared lowest bidder for a project worth Rs. 3.80 bn from NHAI.
- NBCC – Company to consider the proposal for issue of bonus shares on August 31, 2024.
- Siemens – Gets Indian regulator’s nod for Mpox test kit.
- Roto Pumps – A received order worth Rs 118 mn from Ali and Sons Oilfield Equipment Manufacturing UAE.
- Apollo Micro Systems – Wins an order worth Rs 166 mn.
- Godrej Agro – Completes acquisition of 49 pct stake in arm Godrej Tyson foods from Tyson India Holdings.
Negative Read through
- Tata Tech – TPG Rise sells 3 pct equity via blocks, Copthall Mauritius, Ghisallo among buyers.
- ICICI Pru – Gets GST demand, penalty order worth Rs. 4.29 bn.
- Aavas Fin – Amansa Holdings sells 2.2 pct equity via block deals, Nippon MF buys 1.26 pct.
- GE T&D – Operations disrupted at company’s plant in Vadodara, Gujarat due to heavy rain fall.
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