Markets extended gains on Tuesday on back of gains from metals and a rebound in banking sector to help Nifty reconquer 21,400 levels. The breakout in India VIX above 14.5 levels has opened for the scope for a sharp volatility in the near term with Sensex expected to face selling pressure on a breach below the support line of 70,400 with MACD on verge of generating negative crossover from the overbought zone. The Bank Nifty has been showing signs of weakness as long it trades below 47,810 and we expect more selling pressure in financials if EURINR strengthens further beyond 92 levels. On the upside, hurdle for Nifty is seen at 21,600 and 21.750 respectively.
Sensex 30 Chart
Stocks to watch
Positive Read through
- ONGC – Crude rises to highest in nearly 3 weeks, Brent near USD 81/bbl.
- Tata Motors – Company bags order of 1,350 bus chassis from UP State Road Transport Corp.
- Power Grid – Commissions a project in TN’s 500 MW wind energy zone.
- SJVN – Bags 100 MW solar power order worth Rs. 5.50 bn from Gujarat Government.
- Adani Energy – Gets Lol to acquire SPV Halvad Trans, to invest Rs. 30 bn.
- Amber Ent – Sets up JV with Noise brand owner for wearable & smart elec Pdts.
- Laxmi Organic – India ratings revise outlook to positive.
- Seamec – MoU with HAL offshore for charter hire, contract is of USD 9.6 mn.
- Kansai Nerolac – To sell Lower Parel land to Runwal group for Rs .7.26 bn
- India Glycols – Adds 100 kl/day capacity to grain-based distillery at Kashipur.
- Cupid – Columbia Petro & Aditya Halwasiya complete Rs. 1.13 bn open offer to acquire 26 pct.
- Thermax – NCLT approves the spinoff of Thermax’s wholly-owned subsidiaries.
- JSW Infra – Company completes acquisition of 50 percent stake in PNP Maritime Services.
- VPRPL – Gets letter of award for orders worth Rs 8.99 bn from Uttarakhand government.
- Aditya Birla Capital – Invests Rs 8.50 bn on rights basis, in subsidiary Aditya Birla Finance.
Negative Read through
- Zee Learn – Axis Bank files insolvency petition against Zee Learn before NCLT, Mumbai.
- Zydus Life – Arm gets tax demand worth Rs 2.84 bn from IT Department for AY23-24.
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