Markets for the week began on a positive note but late selling on Monday’s trading session forced Nifty to close below 17600. Monday’s closing is seen as a positive trigger for Indian markets as the ratio of Nifty 50 in USD terms has activated a breakout from the falling wedge setup and paving way for an immediate upside towards 18,700 in the coming days. The weekly closing would turn out to be an interesting scenario to watch out for, with the expectation of weekly closing settling above 17,870.
The U.S Fed during his testimony on Tuesday evening turned hawkish and opened door to a higher and possibly faster rate increase. Global markets have taken this move negatively. However, for Nifty the rise in Dollar Index is seen as a welcome move as the Indian markets’ major component to support a bullish move turns out to be a weakness in JPY and EUR. We expect markets to see an extension of further gains despite any lower opening as a breakout in Nifty in USD terms may force FII to cover short positions.
Nifty 50 in USD terms
Stocks to watch
Positive Read through
- L&T bags contract worth Rs 3,100 crore for supply of three cadet training ships, from Defence Ministry.
- HAL bags contract worth Rs 6,800 crore for supply of 70 HTT-40 basic trainer aircraft for IAF.
- GAIL India to consider dividend on March 13.
- Indraprastha Gas in JV with Genesis Gas Solutions to set up a smart meter manufacturing plant.
- PVR opens 11 screen multiplexes in Chennai, taking the total network to 1,674 screens in 114 cities.
- Ajanta Pharma to consider share buyback on March 10.
- Power Grid gets board approval for over Rs 4,000 crore investment in 2 projects.
- KPI Green Energy signs a 20-year hybrid power purchase agreement for 1.845 MWAC capacity with Garrison Engineer.
- NBCC bags three construction and development projects worth Rs 541 crore.
- LTIMindtree opens a new delivery center in Europe.
- Wipro opens Americas headquarters in New Jersey.
- Sun Pharma has completed the acquisition of the biopharmaceutical company Concert Pharmaceuticals.
- Adani Ports, Adani Trans, Adani Green, Adani Ports- Promoter releases pledge.
- G R Infraprojects gets Completion Certificate for EPC project in Madhya Pradesh.
Negative Read through
- HT Media- NCLT rejects the scheme of amalgamation of HT Mobile Solutions with Co.
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