Market activity remained muted on Monday with Nifty unable to cross 19,397 which turned out to be 50 DMA and followed with flat closing. After yesterday’s move, the MACD indicator has moved into the sell zone and hence any up move is likely to face follow-up selling in the coming days. The crucial trigger which may have a severe impact on the Indian markets is the rise in copper prices and Brent crude prices. Both have seen a positive uptick in the past few days, and this would mean fund diversion back to commodities from equities. The downside protection from the overall setup suggests a target of 18,100.
Nifty 50 Chart
Stocks To Watch
Positive Read Through
- ONGC, Oil – Crude see increase in price overnight, brent near USD 86/bbl.
- Zomato – SVF Growth fund may likely to sell 1.17 pct equity at Rs 94 per share.
- Jupiter Wagons – On September 5 will consider fundraising in the board meeting.
- GR Infra – executes concession agreement for projects worth Rs 14,572 mn.
- MPS– Sets to acquire 65 pct of Liberate Learning for USD 6 mn.
- SBFC – Disbursements increased by 32 pct, NII increased by 45 pct yoy.
- Lupin: Company launches propranolol long-acting capsules in Canada.
- Wipro: Company and Amigos do Bem join forces to bring Wipro Cares to Brazil.
- Unichem Labs: Received ANDA approval from USFDA for Prasugrel Tablets.
- Trent: Westside unveils its denim collection with: “Live Your Dance, Live Your Denim” campaign.
- Cyient DLM: Honoured with the Supplier Excellence Award from Honeywell Aerospace.
- Eicher Motors: Royal Enfield to launch a new Bike Today.
Negative Read Through
- Strides Pharma – Sets to provide corporate guarantee of Rs 1350 mn for Stelis Bio.
- Meghmani – Credit rating agency Crisil downgrades rating outlook from stable to negative.
- Oil mktg companies’ government sources say OMCs won’t require compensation for lpg price cut.
- SBI Card – Market share of cards remains flat at 19.5 pct, market share of spends down by 30 bps MoM.
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