Markets oscillated in a narrow range to finally close unchanged, while broader markets remained buoyant as Nifty firmly traded above 25000 mark. From a momentum perspective, there is clearly a 3rd degree negative divergence seen in RSI, which has potential to trigger sharp decline without warning from broader markets. The levels of 24965 should be seen as a crucial support in the next few days below which, we can expect multi fold shorting in Indian markets.
Stocks in Asia sank after Wall Street posted its worst day since the Aug. 5 rout, as weak US data and falling oil prices raised concerns about the health of the global economy. The US markets ended deeply in red on Tuesday with Nasdaq settling over 3 pct cut as technology names struggled. Chip stocks weighed on the market, with Nvidia dropping more than 9 pct.
Nifty 50 Chart
Stocks to watch
Positive Read through
- Defence cos – defence acquisition council approves proposals of Rs.14.5 mn.
- AU SFB – submits application to rbi to transition from SFB to universal bank.
- IEX – total Aug volume up 35.8pct, day-ahead market volume up 22.5% yoy.
- Havells – to expand cable manufacturing capacity at Tumakuru unit with Rs.4500 mn investment.
- Mankind – to transfer OTC biz on a slump sale basis to its arm mankind cons.
- NHPC – MOU with WRD, Maharashtra government to set up energy storage systems.
Negative Read through
- GIC RE – Government to sell up to 6.8 pct stake via OFS, floor price at Rs.395 per share.
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