Nifty continued its consolidation in half a percent band on Monday as the market prepares itself for the September FOMC meet commencement tonight. From a trading perspective, there is a formation of rising wedge setup in Nifty 50 Index and this would mean prices are unlikely to sustain beyond 25,575 while reversal is seen on a close below 25,250.
Nifty 50 Chart
Stocks to watch
Positive Read through
- EMS – To mull fund raise via issue of shares, securities on September 19.
- Edelweiss – Edelweiss Employees Welfare Trust sells 2.75 mn shares via blocks, Whiteoak Buyer.
- Vedanta – No disruption to alumina refinery operations after water storage breach.
- JK Tyre – Board approves scheme of amalgamation of Cavendish Ind with company.
- TVS Motor – Launches Apache RR 310 starting at an ex-showroom price of Rs. 0.27 mn.
- Carborundum – To acquire 100 pct stake in US based Silicon Carbide Products for Rs. 560 mn.
- Tarmat – JV bags order of Rs. 1.39 bn from Maharashtra State Infra Development Corporation.
- Sandur Manganese – Board approves fund raise up to Rs. 10 bn via QIP.
- Firstsource – Partners with Microsoft for digital transformation services to clients.
- SAMIL – To raise up to Rs. 64 bn via QIP, issue price Rs. 186.3-193.79/share.
- Globus Spirits – Enters luxury segment with Doaab India craft whisky.
- Indo Count – Arm acquires 81 pct stake in US-based Fluvitex for USD 19.6 mn.
- HPL Electric – Successfully obtained an order valued at Rs 1.44 bn for supply of smart meters.
- Strides Pharma – Receives approval from US FDA for generic antidepressant drug Fluoxetine.
Negative Read Through
- Allcargo Terminals – Aug volumes dropped 1 pct YoY & MoM at 53.6’000 TEU’s.
- HEG – Gulshan Kumar Sakhuja resigns as CFO with effect from September 18.
- India Shelter – Nexus Ventures sells 6 pct stake via block deals, ICICI Pru, SBI Life among buyers.
- Spice Jet – To raise up to Rs 30 bn via QIP, indicative issue price Rs. 61.6/share.
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