Nifty on Monday extended losses to close below the crucial support 200-EMA which was placed at 23,522 while Bank Nifty managed to show some resilience to end in the positive terrain. Currently, Nifty has activated highest single trend range breakout crossing earlier range of 3005 points which was witnessed during phase of April-June 2022. The range breakout would mean that Nifty has potential to decline 3000 points from the current levels assuming the current decline continues and enters next phase of bear market. Overall view suggests that any rebounds may be unsustainable, and one may add more short positions. The resistance for Nifty is seen in the range of 23,600-23,650.
Nifty 50 Chart
Stocks to watch
Positive Read through
- PG Electroplast – Signs agreement to become EV manufacturing partner for Africa’s Spiro Mobility.
- Colgate – Launches Al-powered dental screening programme.
- GMR Airports – October passenger traffic & aircraft movements rose 9 pct YoY.
- Shilpa Medi – Arm gets certificate of suitability from EU regulator for Octreotide API.
- Zee Ent – Punit Goenka steps down as MD to focus on operations responsibilities as CEO.
- Astrazeneca – Import & MKT nod from DCGI for COPD drug Breztri Aerosphere.
- Gulf Oil – ICRA upgrades long-term cash credit limit rating to AA+ from AA.
- ITI – Bags Rs. 950 mn contract from Geology & mining Department, Uttarakhand.
- Ashoka Buildcon – Company wins large order worth Rs 28 bn.
- NTPC – Company incorporates 50-50 JV of NTPC Green with ONGC Green.
- Oil upstream stocks – Government to discontinue windfall gains tax levy in December.
- Britannia – Secures injunction against Desi Bites for Good Day trademark infringement.
- Bharti Airtel – Company and Singtel planning to hold equal direct stakes in company.
Negative Read through
- Jagran Prakashan – Received show cause notices (SCN) from GST authorities for Apr 2020-Mar 2021.
- Medplus – Premji Invest & SBI MF sell 6.6 pct equity via, MS Asia, Kotak MF among buyers.
- Waaree – Muted Q2, profit aided by other income.
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