Markets cleared a critical hurdle on Tuesday with the Nifty 50 closing convincingly above the key resistance of 17775 and opening gates for further up move in key indices. This breakout has been accompanied by a sharp decline in brent crude prices below USD 93 which may fuel a major rally in the financial sector in days to come.
After yesterday’s breakout, daily turnover jumped to Rs 73000 crore in the spot market which may renew buying momentum. On the downside, 17650 is seen as a new base with major short covering expected from call unwinding from 18000 strike prices.
Nifty 50 Weekly chart
Stocks to watch
Positive Read through
- Hindustan Zinc, Vedanta – Zinc prices surge as Europe’s Trafigura-owned smelter halts production
- Aarti Drugs- DGTR recommends anti-dumping duty on ofloxacin imports from China.
- NXT Digital- Hinduja Leyland finance to be merged with company, swap ratio 23:10
- Time Techno- Secured orders worth Rs. 1,455 Cr.
- Singer India- Promoters sell 22% stake, RARE Enterprise buys 8% stake
- Jindal Poly- Poly films invest in equity shares of Universus Commercial Prop
- Bharat Gears- To consider bonus share issue on 19 Aug
Negative Read through
- MGL- Cuts CNG prices by Rs 6 to Rs.80/kg and PNG prices by Rs. 4 to Rs. 48.5/ SCM
- Tata Motors – Battery maker CATL closes Sichuan province unit due to power crisis
- Bajaj Hindustan- SBI initiates corporate insolvency resolution process
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