Yesterday, the Nifty gained nearly half percent but the Nifty 500 stocks advance-decline ratio was 1:3. Metal index declined sharply. On the charts, the formation of the bullish flag in the spread of the Nifty 50-Nifty 500 Index and breakout in the ratio of Bank Nifty to Nifty 50 hints at a major 10-15% upswing in the coming days.
We expect the market to open on a positive note on account of a strong opening in the Asian market and smart gain in the aUS Future (yesterday US market closed).
Asian markets soared between 1-2%. US Dow Future climbed up over 300 points. Wall Street closed on Monday in observance of Juneteenth. Inflation, recession, global economic slowdown, macroeconomic fallouts of the Russia-Ukraine crisis, and FIIs selling will continue to weigh on Dalal Street.
In front of the global market, investors continue to monitor China’s Covid flare-ups and its efforts to shore up economic growth.
Bank Nifty & Ratio of Bank Nifty to Nifty 50 Index.
Stocks to Watch
Positive Read Through
- Telecom PLI was extended by a year; design-led manufacturing was introduced.
- 3i Infotech Limited secures order of Rs. 17.14 crores from UAE for a period of 3 years I
- Dilip Buildcon JV has declared as L-1 bidder for the tender floated by the Gujarat Metro Rail Corporation worth Rs1061crInox Green Energy Services, a subsidiary of Inox Wind, has filed preliminary papers with SEBI to raise Rs 740 crore through an IPO.
- KEC International bags order worth Rs 1092 cr.
- Tata Steel- Reports Co imported about 75,000 tonnes of coal from Russia in the second half of May, after pledging to stop doing business with Russia.
- Inox Green Energy Services, a subsidiary of Inox Wind, has filed preliminary papers with SEBI to raise Rs 740 crore through an IPO.
- Bharat Forge has approved the consolidation of its electric vehicle business initiatives, for a better strategic alignment, under Kalyani Powertrain
- Suven Life Science will be meeting on June 24 to consider raising funds through the issue of equity shares to existing equity shareholders.
- ONGC Says In-Charge Mittal’s term extended by 2-months
Negative Read Through
- Biocon Biologics denies bribery allegations which are reported
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