Markets activity remained range bound on Monday as Nifty futures failed to cross 18720 despite trading with positive bias throughout the day. We expect major bullishness to reinforce on a move above 18720 with immediate target of 19000. The lower reading of India VIX of around 11% mark suggests excessive put writing in system which may also act as key catalyst for Nifty journey towards 19500 in near term.
Meanwhile, retail inflation in May falls to 25-month low of 4.25 pct, bodes well for RBI to turn more decisively dovish. Industrial production rises sharply in April to 4.2 pct.
Key US data- CPI tonight and FOMC tomorrow.
Nifty 50 Futures
Stocks to watch
Positive Read through
- JSW Steel- preferred bidder of mining lease for iron ore in 2 blocks of Goa
- Can Fin Homes- Board meet on June 19 to consider fund raise via equity or debt
- Engineers India- Bags order worth Rs 472 cr from ONGC
- SJVN- bags 200 MW wind power project, cost of construction at Rs 1400 cr
- Inox Wind- Board approves merger of Inox Wind Energy into itself
- HFCL- Bags order worth Rs 81 cr from Delhi Metro Rail Corp
- ICICI Lombard- IRDAI approves SBI MF to acquire upto 10 pct stake in Co
- Tata Steel exec engage in discussion with the UK govt regarding the future of cos UK business
Negative Read through
- Zee Entertainment- SEBI bars Subhash Chandra and Punit Goenka from directorship of listed cos
- ONGC, OIL- Crude slips further overnight, Brent breached USD 72 a bbl
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