Markets rebounded from crucial support on Wednesday to honour 50 DMA in the Nifty 50 Index despite global markets ending in deep red. The rebound in Indian markets has occurred from exactly same time when the spread of Nifty 50-Nifty 500 was on verge of activation of major breakdown which would have forced most of hedge funds to initiate aggressive hedging by shorting Index futures. In previous occasion, when Nifty rebounded from 19,200 levels, the spread of Nity 50-Nifty 500 Index had tested the similar support. With WTI Crude rising sharply and positioned to cross USD 100 mark, it may have significant impact in Indian equity markets and force major long liquidation.
Sensex 30
Stocks To Watch
Positive Read Through
- Reliance – In July, Jio adds 3.9 mn users Vs 2.2 mn in June
- ONGC – Brent above USD 97 per bbl, At 1-year high on tight global supplies
- Bharti Airtel – In July, adds 1.52 mn mobile users Vs 1.41 mn in June
- MCX – From 3 October company to go live on new tech platform
- Dixon – With Xiaomi Tech signs agreement by arm Padget Electronics for smartphone manufacturing
- Tata Power – At Thoothukudi, Tamilnadu Arm TPREL likely to set up 41 MW captive solar plant.
- Oberoi Realty – In Dvpt agreement for 13,450 Sqm of land at Tardeo, Mumbai
- SJVN – At Mori, started mechanical spinning of unit-I Of 60 MW NMHEP.
- Trident – Rs. 3,970 mn of Capex is set for sheeting business & co-gen power plant
Negative Read Through
- ICICI Lombard – Company received Rs. 17,290 mn tax notice from DG GST.
- Vodafone Idea – In July losses 1.32 mn users, Vs loss of 1.29 users MoM.
- OMCS – Crude rises to 1 year high as brent climbs above USD 97.
- Nazara Tech -Tax demand worth of Rs. 28.3 mn received from DG GST.
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