Nifty faced profit taking after a gap up opening at record highs but witnessed profit taking at higher levels. Bank Nifty continued its short-term outperformance against the Nifty wherein the index missed trading a fresh all-time high by a whisker. Global markets reacted positively overnight which is taken forwards as a more matured reaction to Fed’s interest rate reduction cycle commencing with a 50-bps cut. For Nifty, with evolution of rising wedge setup, the upper resistance for Nifty is seen in the range of 25,575-25,650 while reversal is seen on close below 25,300.
Nifty 50 Chart
Stocks to watch
Positive Read through
- NTPC – Board approves 2 investment proposals worth Rs. 211.04 bn for thermal power projects.
- EMS – Board nod for Rs 4 bn QIP, highest bidder for Rs. 6.81 bn order from Kolkata government.
- Jyothy Labs – Signed purchase agreement with Smartwash Solutions for acquiring its brand QUICLO.
- Power Grid – Emerges as successful bidder to set up transmission system in Gujarat.
- Phoenix Mills – Arm emerges as highest bidder for 2 plots in Mohali, bid value Rs. 8.91 bn.
- Abbott India – Signs non-exclusive patent licence agreement with Takeda for Vonoprazan.
- Reliance Infra – Board approves fund raise of up to Rs. 60 bn via QIP & preferential issue.
- Shalby – Gets bone bank licence at Krishna Shalby Hospital from government of Gujarat.
- IDFC First Bank – RBI nod to re-appoint V Vaidyanathan as MD & CEO for 3 yrs.
- IIFL Fin – RBI lifts restrictions imposed on gold loan business of the company.
- Indostar – Board approves sale of arm Indostar Home Fin to equity for Rs. 17.50 bn.
- Astrazeneca – To launch respiratory tract disease drug palivizumab in Oct 2024 in India.
- Balkrishna – Commissions 30,000 MTPA plant for advanced carbon material.
- IOB – To get refund of Rs. 1.23 bn from the income tax department for AY2021-22.
- Suven Pharma – Appoints Vivek Sharma as executive chairman.
- AU SFB – Partners with Niva Bupa Health Insurance to offer health insurance products.
Negative Read through
- Vedanta – Parent VRL resources raises USD 900 mn debt from Citicorp International.
- KEC Intl – Rating agency downgrades rating of various bank facilities availed by the company.
- Tata Power – To proceed with arbitration against Adaro on counter claims with respect to coal supply agreement.
- VST Ind – Radhakrishna Damani sells 0.1 mn shares via block deal.
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