Markets bucked the global trend yesterday with Nifty 50 positing a sharp recovery from lows of 17771 forming a ‘Bullish Piercing line ‘pattern setup while Bank Nifty ended with decent gains of 1.3% forming a ‘Bullish Belt Hold Line’ pattern on the candlestick chart.
The weekly breakout for the Nifty 50 Index which was confirmed last Friday has acted as a major catalyst for a sustainable up move with a potential target of 19867 in the near term. We expect buying in banking stocks to accelerate further after Bank Nifty clears 41829 which turns out to be an all-time high.
Nifty Bank Daily
Stocks To Watch
Positive Read through
- HFCL: The company has received advance purchase orders worth Rs 447.81 cr.
- KEC International: Company bags orders worth Rs 1,108 cr.
- Balaji Amines: The company said Phase 1 of the 90-acre greenfield project (Unit IV) has been completed.
- SBIN: India has decided to authorize SBI to promote rupee trade with Russia, FIEO president.
- Bosch: Bosch Mexico to Build New Manufacturing Plant in Queretaro.
- Tata Consultancy: Launches Mobility Cloud Suite for Automotive Enterprises.
- Siemens: Health Regulator geared up for a smooth transition to licensing of Class A and B Medical Devices wef 1st October.
- Lumax: Acquires Damberty Real s.r.o For CZK 12000.
- IDBI Bank: DIPAM Secretary said the department is working on the EoI and would soon invite preliminary bids from investors.
- Tata Steel: Board has approved the fundraising through the issue of non-convertible debentures up to Rs 2,000 crore in two series.
- Glaxosmithkline Pharma: Life Insurance Corporation of India has offloaded 34.63 lakh equity shares or a 2.04% stake.
Negative Read through
- PVR: Investors Gray Birch, Plenty PE & Multiples PE to sell up to 7.74% today in a price range of ₹1,852-1,929/sh, say reports- Neutral.
A financial planning platform where you can plan all your goals, cash flows, expenses management, etc., which provides you advisory on the go. Unbiased and with uttermost data security, create your Financial Planning at Rs. 1499/-
Disclaimer: The views shared in blogs are based on personal opinions and do not endorse the company’s views. Investment is a subject matter of solicitation and one should consult a Financial Adviser before making any investment using the app. Making an investment using the app is the sole decision of the investor and the company or any of its communication cannot be held responsible for it.
