Markets recovered from lows and closed with losses of less than 0.5% while broader markets struggled to post any meaningful recovery. The dull trading state in the market may soon be coming to an end as the Nifty enters the apex zone of the ‘Falling wedge’.
With the appearance of positive crossover in MACD indicator and sustainable close above 15683, we expect the next leg of up move to be ferocious in nature with an immediate target seen at 17500 in the next few days. Major short covering is expected in the market on move above 16000.
Macro data today- India Fiscal Deficit in rupees for April-May. May Eight Infrastructure Industries, prior 8.4 pct.
S&P Dollex 30
Stocks to watch
Positive Read Through
- Biocon In a pact to buy up to 26 pct stake in Ampyr Renewable.
- Minda Industries Buys 5.24 pct in Germanys Friwo for 14.99m Euro.
- UltraTech Cement Orders Russian Coal Cargo, Pays in Yuan.
- Infosys invests USD 10 million in US-based The House Fund.
- GR Infraprojects gets a completion certificate for its EPC project in UP.
- MTAR Tech- Fabmohur Advisors LLP offloads 0.2 pct stake in MTAR Tech.
- Wonderla Holidays to develop an amusement park project in Bhubaneswar
- IOC to expand the capacity of Digboi refinery.
- Sterlite Technologies to acquire a balance 25% stake in Jiangsu Sterlite Tongguang Fiber Co.
Negative Read Through
- LIC Says Determining Embedded Value at March-May Take More Time.
- PBA Infrastructure to consider voluntary delisting of shares on July 6. T
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