Markets extended its up move on Wednesday as a breakout above 17775 activated a new leg of buying in the broader market with the Nifty inching closer towards the psychological barrier of 18000. Despite some oscillators like RSI hit the 83 mark, there have been no signs of reversal and we expect Nifty to surpass 18300 in days to come.
After yesterday’s up move, the retail volume has surged from Rs 24000 crore the previous day to Rs 37000 crore indicating fresh entrants at higher levels and with continuous FII buying we can expect Nifty to test 19000 in the coming weeks.
Nifty 50 Weekly chart
Stocks to watch
Positive Read through
- Reliance- Jio adds 42.2 lakhs subscribers in June, the most additions for subscribers for 3rd month in a row.
- Bharti Airtel- Adds 7.9 lakh subscribers in June.
- Max Health- Weightage raises in the FTSE GEIS index may lead to inflows of USD 38 million.
- NATCO- Tentative US FDA approval for a cancer drug, generic Yondelis injection.
- ONGC- Agreement with ExxonMobil for deepwater exploration.
- Craftsman Auto- Begins commercial operation at the new plant in Pune.
- Gail- Board approves raising up to Rs. 25,000 crs via debt
Negative Read through
- Wipro- Reports says company Q1 quarterly payout for mid and senior level employees held
- Indo Amines- Environmental approval for expansion of organic chemicals
- Sona BLW- Blackstone likely to sell 13.6% equity at Rs 500/ share via block deal
- Vodafone Idea- Loses 18 lakh subscribers in the month of June.
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