Markets continued to witness volatile trade tracking weak global trends as inflation and recession fears kept investors on edge. Markets have struggled for direction which is also evident from dwindling volumes.
However, the spread of the Nifty 50-Nifty 500 Index has been approaching a ‘Bullish Triangle’ breakout and this would mean the next leg of the up move would be highly concentrated in Nifty 50 stocks. An appearance of a ‘falling wedge’ setup in S&P Dollex 30 and Brent crude prices confirming a short-term downtrend is a crucial catalyst for a 20-23% rally in Nifty. Expect significant short covering above 16000 in days to come.
Asia-Pacific markets were mixed on Monday ahead of Australia and Malaysia central bank decisions this week.
S&P Dollex 30 & Spread of Nifty50-Nifty500 Index
Stocks to watch
Positive Read Through
- Dilip Buildcon Wins An Order Worth Rs 7b.
- Asian Granito India- Co Unit Future Ceramics Commenced Work On Glazed Vitrified Plant At Morbi; Plant Is Expected To Generate Revenue Of Around Rs 3b At Optimum Capacity
- Hindustan Motor- Co Says That Ambassador Car Maker Hindustan Motors Likely To Launch Electric Two-Wheelers By Next Year, Eyes Electric Four Wheelers Too
- Bharat Forge: Co Unit Completes Acquisition Of JS Autocast Foundry India For Rs 4.89b.
- Endurance Technologies- Co Acquires 51 pct Stake In Maxwell Energy Systems For Rs 1.35b.
- Ashoka Buildcon Says its JV lowest bidder for Rs 6.11b Rajasthan project
- HDFC – HDFC Assigned Rs 95.33B Loans to HDFC Bank 1Q vs Rs 54.89B YoY
- Muthoot Finance- Gets RBI’s Approval to Open 150 New Branches
Negative Read Through
- Reliance- World’s Sixth Biggest Economy Feels Heat From EM Investor Exodus
- NMDC- June Sales 1.90M Tons Vs. 3.18M Y/y
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