Markets on Tuesday advanced further to cross above 23,500 in Nifty, while Bank Nifty accelerated further to outperform the key indices in the last hour of trade. The Bank Nifty has fully established a larger triangle breakout, which has opened up space for another 9% upmove in the coming days. The sharp decline in JPYINR and lower reading in India VIX below 13 should act as a coincidental factor for the quick surge in the Indian markets. The overall view suggests a positive mood in markets with expected target in the Nifty seen at 24,650.
Nifty 50 Chart
Stocks to watch
Positive Read through
- Τata Motors – signs amt to allow cjlt use freelander brand.
- Indus Towers – Vodafone group likely to sell shares up to $1.8 billion.
- Voda idea – Vodafone group likely to sell up to 18 pct eq in Indus towers.
- Prestige Estates – to consider fundraising via QIPs, rights issue, preference issue on June 21.
- Craftsman auto – launches 1,200 cr QIP, floor price at ₹4,426.11/sh.
- Sansera Engg: 11.66 pct equity to be sold via ₹758 cr block deal.
- Zota Health – issuing shares & warrants of 202 cr to non-promoters.
- Kpil – kalptaru construction sells 86.9 lac shares at ₹1,154/sh.
Negative Read through
- Gland Pharma: Fosun pharma sell up to 5 pct eq via block deals.
- Ami Organics – opens QIP today, floor price at 1,229/share.
- Zf Commercial – wabco asia likely to sell 5 pct equity via block deald.
- Amber Enterprises – ascent investment holdings sells 5 lk shares at ₹4,004/share.
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