Markets extended weakness on Thursday to violate the breakaway gap and closed below 18508 after caution was seen from financial segment while broader markets remained strong. The last four days of consolidation has thrown up rising three methods on candlestick chart and any gap up opening above yesterday high i.e., 18580 should confirm major trend reversal back in the positive terrain with upside target placed at 19285 in the month of June.
Nifty 50 Monthly chart
Stocks to watch
Positive Read through
- Coal India- OFS issue subscribed 3.46x of the base size, retail investors bid today
- Hero Moto- total sales up 6.7 pct at 5.19 lakh units, domestic sale rise 9 pct YoY
- TVS Motors- Total sales above estimates, up 9 pct YoY at 3.30 lakh units
- Eicher Motors- Royal Enfield total sales above estimates, up 22 pct at 77,461 units
- AB Capital- to issue Rs 1250 cr shares to promoters at Rs 165 a sh.
- NHPC- in MoU with Vidhyut Utpadan Co of Nepal to develop 480 MW project
- Bank of Maha- launches QIP, floor price at Rs 29.98 a sh
- MOIL- post record May manganese ore production at 1.53 lakh tonnes, up 43 pct YoY
- Astrazeneca- gets CDSCO nod in Form CT- 20 to import Tremelimumab concentrate
- Paras Defence- in JV with CONTROP Precision Tech, Israel to mfg EO/IR Systems
- Aster DM- enters into hospital operations and management agreement with Padmavathy Medical Foundation
Negative Read Through
- Tata Motors- total CV sales down 12 pct YoY, PV sales growth slows to low single digit
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