Markets for the week ended with gains of 1% as Nifty managed to rebound sharply despite breaching two weeks low and settled above the psychological barrier of 22,000. The Nifty future closing above 22,078 has confirmed major breakout and an immediate upside based on Flag pole projection indicates a target of 23,200 in the coming days. We expect major short covering to occur in Nifty futures above 22,100 and expect new support to emerge around 21,900.
Nifty Futures Chart
Stocks to watch
Positive Read through
- HDFC Bank – Will see inflows of approx USD 400 mn in FTSE rejig on March 15.
- Dr Reddy’s – Company likely in a race to acquire Novartis AG’s stake in Novartis India.
- LIC – The income tax department releases a refund of Rs. 217.41 bn to the company for AY12-20.
- Tata Power – Gets LoI from REC arm to acquire Jalpura Khurja Power SPV, project cost at Rs. 8.38 bn.
- Paytm – Partners with Axis Bank for escrow account earlier with Paytm Payments Bank.
- Defence Stocks – DAC clears capital acquisition proposals worth Rs. 845.60 bn.
- Balrampur Chini – Forays into polylactic acid manufacturing, to invest Rs. 20 bn.
- Sula – Verlinvest Asia PTE to sell entire stake via block at Rs. 570- 617.55/sh.
- Manappuram – Files addendum for Rs. 15 bn IPO of Asirvad Micro Finance with SEBI.
- Titagarh Rail – Gets order worth Rs. 1.70 bn for 250 specialised wagons from defence ministry.
- Crisil – Q4 EBITDA increased by 24 pct, margin at 29.3 pct vs 26.4 pct YoY.
- Data patterns – Florintree Cap Sells entire 10.71 pct stake via block, Singapore government, Kotak MF buyers.
- Novartis India – Novartis AG announces strategic review of Novartis India.
- NTPC – Signs accord to supply about 1200 MW or more power to NALCO Smelter.
- Power Stocks – India’s power consumption grows 7.5% in April-January this fiscal.
- Lupin – Received approval from the US drug regulator for its ANDA for Minzoya tablets.
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