Markets rallied on Monday to cross above 2 weeks high on the back of short covering in technology and metal stocks with the Nifty 50 regaining its control above 50 EMA and India VIX settling near the 17% mark.
We can expect market momentum to continue for the next few days and expect the market to settle higher despite a lower opening with near term target seen at 17500.
Lower reading in India’s VIX is an indication of aggressive put writing in the system which should eventually force India’s VIX towards 10% in the coming week. For the short term, support for Nifty is seen at 16123 while resistance can be felt at 16355.
Nifty 50 Index & India VIX
Stocks to watch
Positive Read through
- Bharti, Reliance- Bharti submits an EMD of Rs. 5,500 Cr and Jio submit a bid of 14,000 Cr for the 5G auction.
- ONGC, OIL- Crude surges overnight with Brent back to USD 105 a barrel.
- Oberoi Realty- Positive commentary, Worli project realization seen at Rs. 1.1 – Rs. 1.2 lakh per sq. ft.
- Alkem Labs- US FDA nod for Erythrocin tablet, used to treat bacterial infection.
- Mastek- To acquire 100% membership of U.S. company Metasoftech Solutions
- Tube Investments- Acquired 62.5% in IPL Tech electric for Rs. 246 Cr.
- Surya Roshni Gets orders worth Rs. 91.4 Cr from Bharat Gas Resources
- Hindalco Industries Hindalco, Aequs in Strategic Alliance for Comm. Aerospace Sector
- IndusInd Bank Approves Raising Up to 200B Rupees in Bonds
- Jubilant Foodworks Says unit raises stake in DP Eurasia N.V.
- Zydus Lifesciences Gets U.S. FDA approval for Efinaconazole topical solution
Negative Read Through
- IEX- Shareholders reject the appointment of Rajeev Gupta as an independent director
- City Gas Distribution Companies- Natural gas gains over 6% overnight.
- Vodafone Idea- Submits earnest money deposit of Rs. 2,200 Cr for 5G auction
- Mangalore Chemicals- Shuts Phosphatic fertilizer plant on non-availability of raw materials.
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