Nifty rebounded sharply from support zone of 18,669 to finally ending in the positive terrain and negated the short-term downtrend. The rebound occurred mainly from strength emerging from Nifty Top 9 stocks which has seen signs of major accumulation and is on a verge of ending diagonal breakout.
The Nifty Top 9 stocks currently carry weightage of 49% and should act as a key catalyst for Nifty’s rally beyond 19500. We expect major buying to emerge in Nifty on move past 18,850 with immediate target of 19,194.
Nifty 50 chart
Stocks to watch
Positive Read through
- 8.3 pct equity of Shriram Finance trade in a block deal.
- HDFC Life- CCI allows HDFC Bank to acquire additional stake in Co and HDFC Ergo.
- Pidilite sets up unit in Gujarat to set manufacture Lioikol and Tenax products.
- GR Infra bags projects worth Rs 1843 cr.
- RVNL says no breakdown of JV with Russia’s TMH, MoU is still valid.
- Piramal Enterprise- to sell its 8.34 pct stake in Shriram Finance, floor price at Rs 1483 a sh.
- Shilpa Medicare- to consider fund raise on June 23 via rights issue
- Thyrocare- Arisaig Asian Fund sells 26.7 lakh shares, ICICI Pru MF buys 22.5 lakh shares
- Jamna Auto- Smallcap World Fund sold 59 lakh shares at 96.15 a sh
- Cyient- RoC Telangana approves Red Herring Prospectus of Cyient DLM IPO
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