Markets for the week rebounded with marginal gains forming hammer like pattern on weekly candlestick with major selling seen in technology stocks. The hammer pattern suggests major bullishness on a move above 21,180 in Nifty which may open gates for a rally towards 23,500 with major contribution expected from the banking sector. At present, Nifty Bank is trading near major breakout and is expected to surge 15% on a move above 46,800. The sharp decline in India VIX below 13 mark in the previous week also confirms heavy action from put writing thus providing major support at 22,000 in Nifty.
Nifty Futures Chart
Stocks To Watch
Positive Read Through
- Adani Ports – To acquire 95% stake in Gopalpur Ports for an EV of Rs. 30.80 bn.
- HAL – Company bags Rs. 1.94 bn order from Guyana Defence.
- Zydus Life – US FDA nod for letermovir tablets, market size USD 289.5 mn.
- Dr Reddy’s – Enters into agreement with Pharmazz to market Centhaquine in India.
- Lupin – To transfer trade generics business in India to subsidiary Lupin Life.
- Life Insurers – No major changes in IRDAI’s final regulations on surrender value.
- RVNL – Company Bags Rs. 2.29 bn order from AAI, Kolkata.
- Welspun Corp – Associate company in Saudi Arabia bags Rs. 3.39 bn order.
- JSW Energy – Buys 45 MW Vashpet wind project from Reliance Power for Rs. 1.32 bn.
- HG Infra – Receives letter of award for Rs. 5.34 bn solar business project.
- Indoco Remedies – Begins API production from greenfield manufacturing facility in Aurangabad.
- Purvankara – Launches residential project Purva Kensho Hills in Bengaluru.
- Uno Minda – Signs tech agreement with Starcharge to manufacture and sale EVSE in India.
- Bajaj Auto – Company to launch CNG-run motorcycle in June 2024.
- Ultratech Cem – Commissions 1 MTPA brownfield cement capacity at Roorkee, Uttarakhand.
- Vedanta – Company touts USD 6 bn investment pipeline as growth driver.
Negative Read Through
- Mankind Pharma – Beige Ltd to sell up to 2.90% via block deals, as per report.
- Crompton Consumer – Receives tax demand worth Rs. 690 mn from I-T dept.
- IIFL Fin, JM Financial – RBI to conduct special audits of both the companies.
- Sanghi Ind – Ambuja Cements sells 2 pct stake in company for Rs. 2.58 bn.
- Fortis Health – Arm gets Income Tax demand notice of Rs. 895 mn.
- ICICI Sec – Gets administrative warning from SEBI after inspection.
- Paradeep Phosphates – CPCB issues closure of operation notice to Odisha plant.
- Adani Power – MSEDCL files petition with MERC on calculating in-land coal transportation cost.
- PayTM – Praveen Sharma resigns from the post of SVP – Business of One 97 Communications.
- Exide – Subsidiary Chloride Metals faces Rs. 1.33 bn income tax demand for FY22-23.
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