Markets extended gains on Thursday with FII turning net buyers for the fourth consecutive trading session thus forcing Nifty to end above 16522 which turned out to be 200 EMA.
Going forward, the buying momentum is likely to accelerate further as the impact of the weekly breakout of BSE Bankex from ‘Flag’ consolidation may trigger at least a 17% up move in the coming days. We expect Nifty to test 17500 in the next few days with 16522 acting as a new leg of support.
We expect the market to open on a positive note on account of favorable global and domestic cues. Stronger-than-expected second-quarter corporate earnings have helped US stocks to recover to their best levels in more than a month this week, even as economic data suggest the U.S. economy is slowing.
Oil declined 3% to $104/bbl on account of rising Covid cases in China.
Nifty Bank weekly chart
Stocks To Watch
Positive Read Through
- Reliance Industries Says Reliance Brands in India distribution pact with Maison Valentino
- Can Fin Homes 1Q Net Income Rs 1.62B Vs. Rs 1.09B YoY.
- Coromandel International Says its VC unit invests in biotech startup String Bio.
- Emami To buys 30 pct stake in pet care co.
- Cannis Lupus Services India. Hitachi Energy Wins the HVDC Transmission System order from Adni.
- RBL Bank- 1Q Profit Rs 2.01B Vs. loss Rs 4.59b YoY, Provisions -37 pct QoQ 2.53b; Gross NPA 4.08 pct vs. 4.4 pct QoQ
- Indoco Remedies Says U.S. FDA concludes inspection at AnaCipher CRO with no observation found.
- ITI Signs accord with CDOT for technology transfer of 4G.
- Zydus Lifesciences has received final USFDA approval to market Norepinephrine Bitartrate Injection USP
Negative Read Through
- ICICI Securities 1Q net income -11 pct YoY to Rs 2.74b, est. 2.7; revenue +31 pct to 7.94b.
- Biocon – U.S. FDA concluded a pre-approval inspection of Hyderabad unit site 3 with three observations.
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