Markets ended on a flat note for the week despite jitters in the global market with Sensex forming the ‘Bullish Piercing line’ on a weekly basis while SGX Nifty futures put up a ‘Rising three methods’ setup on a daily scale.
With broader indices like BSE 100 posting weekly closing above the weekly breakout line, we expect next week’s up move to turn more broad-based with Nifty 50 expecting to cross an all-time high.
Meanwhile, Brent Crude prices have seen a sharp correction in the past few days with the correction taking the shape of a Flat formation which is typically seen in the Wave 4 setup.
In the next few days, we expect Brent crude to slip further towards USD 86, below which prices are unlikely to see a significant decline as they enter the major Fibonacci support zone.
The long-term correction in Brent crude may be coming to an end in the next few weeks before we see a resumption of the up move which can take prices to USD 200. An ideal strategy to be applied in the next few days would be accumulating Crude ETF when brent crude moves closer to USD 86.
Nifty 100 Monthly chart & Sensex Daily
Stocks to watch
Positive Read through
- Suzlon: Adani Green acquires 52.4 crore shares in Suzlon.
- PVR: SOCIETE GENERALE acquires 3.23 LAKH shares in the company.
- ACC: MORGAN STANLEY ASIA acquires 9.41 LAKH shares in the company.
- Olectra Greentech: The order for the supply of 100 Electric Buses for Assam Govt.
- SBIN: Vodafone Idea prepays Rs 2,700 crore loan to SBI.
- Chalet Hotels: Executes License Agreement with Delhi International Airport Limited – DIAL.
- BEL: Signs MoU With Smiths Detection India To Manufacture High-Energy Scanning Systems In India.
- NCC: Promoter Entity Gets 65 Lakh Pledged Shares Released.
- Hindustan Aeronautics and L&T: Wins INR8.6b deal from NSIL to entirely build 5 PSLV rockets.
- JSW Steel: Life Insurance Corp.’s holding in JSW Steel has risen to 7.01%.
- Wipro: Wipro and Cisco to Deliver Hybrid Cloud As-A-Service.
- Hinduja Global: Shareholders of NxtDdigital Ltd. have voted in favor of the company’s merger with Hinduja Global Solutions Ltd.
Negative Read through
- Hindustan Zinc: Company to invest Rs 350 cr for 26% stake in Serentica Renewables.
- Spicejet: Company gets up to a 3-month extension to hold AGM. (Neutral)
- Hindalco: Aluminium Buyer Novelis Excludes Russian Metal in Supply Deal. (Neutral)
- NMDC: August production down 19% at 2.48 mt Vs 3.06 mt (YoY).
- Indowind Energy: Indus Finance Corporation sold 5.5 lakh shares in the company at an average price of Rs 15.18 per share.
- PayTM: Indian Anti-Money Laundering Agency Searches Paytm, Razorpay.
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