Markets ended unchanged on Monday and formed a doji star on the candlestick thus indicating signs of indecisiveness as it moves closer to important trend line support. The low of Doji star is placed at 19601 and should act as an important trigger for the activation of the next round of selling and any move below 19600 should force Nifty to test 19200 in a quick span of time. Adding to it, a bullish island reversal was also seen in USDINR in yesterday’s session which has the potential to trigger a sharp move towards 87. The overall observation suggests markets are on the verge of a major breakdown which has the potential to trigger 10-15% in the very immediate future.
Sensex 30
Stocks to watch
Positive Read through
- Tata Steel – Moody’s increased rating to investment grade of Baa3, Outlook stable
- Wipro – In Chennai, sells building & 14.02-acre plot for Rs 2,664 mn
- Strides – Stelis to add USD 5-6 mn of EBITDA in FY25 as per company expectations, margin guidance is 30 pct
- Welspun Corp – With Telangana government arm Sintex in MoU to set up a manufacturing unit
- Salasar tech – In UP, commissions Galvanisation plant with 96,000-tonne capacity
- Fortis – Set to purchase Artistry properties for an EV of Rs. 320 mn
- Rpp Infra – Got new orders of Rs. 4,820 mn
- Greenply – Ops at Gabon, west Africa unit has partially resumed
- Db Realty – In share purchase agreement of Rs. 23,590 mn with 3 hospitality businesses
- Apar Ind – The board meet on September 28 to consider fund raise.
Negative Read Through
- GR Infra – Rs. 36,130 mn worth of 2 projects won by national highway logistic management.
- Sheela Foam – Via QIP, allocates 11 mn shares at an issue price of Rs. 1078 per share.
- Voltamp – Promoter may sell 1.2 mn shares at a floor price of Rs. 4,600 per share via block.
- Dixon – No restriction on the quantum of import of laptops, tablets, or PCs as per DGFT to Industry.
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