Markets began on a negative note on Monday following weak global cues and the Nifty tested monthly support around 17158 and then closed above 17300 levels. A major weakness was seen in technology stocks with Nifty IT tanking by more than 3% while broader markets outperformed with Midcap and Small cap index ending with losses of less than 1%.
For Nifty, this may be the last reaction of downside before resuming its up move towards 19867. The broader indices like the Nifty 50 Equal weighted Index are comfortably placed above the breakout line and the current decline characterizes with an a-b-c setup with upside potential seen at 16% in the near term. We expect major short covering above 58290 in BSE Sensex.
Shares in the Asia-Pacific were higher on Tuesday after sharp falls to start the week following Fed Chair Jerome Powell’s hawkish speech in Jackson Hole. Oil settles up more than 4% on prospect of OPEC+ supply cut
Nifty 50 Monthly chart
Stocks to watch
Positive Read through
- KIMS- Company to acquire 51% stakes in Kingsway hospital in Nagpur for Rs. 80 cr.
- BEML and SCI- Gov looking to Fastrack disinvestment of BEML and SCI.
- ONGC and IOC- Crude higher, Brent near USD 105 a bbl.
- Reliance- Foreign brokerages give a buy rating on the company following the 45th AGM.
- BLS International- Noumura Singapore acquires 11 lakh shares via the open market at Rs. 230/ share.
- Reliance to Update on Jio, Retail IPOs Next Year
- Adani Enterprises Seeks SEBI Clarity On Warrants Conversion By NDTV Founders
- Adani Green Adani Green’s Key Debt Ratio Is Set to Improve, Nomura Says
- HFCL To consider fundraising via equity/debt on Sept. 2
- Sun Pharma- Sees high-single to low double-digit topline growth; sees higher spend on specialty PDTS clinical trials
- Zomato Says no plan to re-brand the Zomato app to Eternal; no change in anybody’s roles & responsibilities (Neutral)
Negative Read through
- Thyrocare- Fundsmith Emerging Equities sells shares with Rs. 36 cr.
- Asian Paints, Berger Paints- Crude higher, Brent nears USD 105 a bbl
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