Markets gapped higher on Monday but failed to cross its recent high of 18662 as sharp surge in USDINR above 82.5 triggered renewed selling in financials at higher levels. For Nifty, the setup of rising three methods in candlestick still remains active with potential target of 19285 and we expect major short covering on move above 18662. The lower reading in India VIX around the 11 mark is likely to act as a key catalyst for Nifty’s journey towards 19285.
Globally, Wall Street turns lower as key indices consolidated after Friday’s broad-based rally. Asia starts on a cautious note as traders shift their focus to the Federal Reserve’s next June 14th meeting.
Nifty 50 Daily & Dow Jones Index
Stocks to watch
Positive Read through
- HUL- Company eyes acquisitions in masstige beauty segment.
- Adani Group Repays loans worth USD 2.65 billion, completes prepayment.
- Wipro- said its dynamic digital signage solution, Wipro VisionEDGE, will power Bowling Center TV.
- BL Kashyap- has secured new order worth Rs 147 crore.
- IndiGo- aims to carry 100 million passengers in the year ending March 2024.
- Vedanta- Vedanta Iron Ore Karnataka has partnered with Volvo CE to deploy zero-emission electric off-road machines
- Wipro- Board okays buyback of shares worth Rs 12,000 crore at Rs 445 apiece.
- HG Infra has received the letter of acceptance from north central for a project worth Rs 677 crore
- Maruti Suzuki- Company has started work on two solar power plants at facilities.
- SBI- Board to consider raising funds in FY24 via issuance of debt instruments on June 9
- Eicher Motors- Mgmt expects double-digit growth in next 2-3 yrs, EV 2-W devlp on track
- SBI Cards- Board approves raising funds up to Rs 3,000 cr via NCDs
- GCPL- appoints Aasif Malbari as CFO w.e.f. Aug 10, prior to this he was with Tata Group
- JK Cement- Acquires Toshali Cements for Rs 157 cr
- Delhivery- reiterates long term growth prospects, targets express parcel business margin in teens
- MTAR Tech- Promoter sells 3.6 pct stake in Co via block deals
Negative Read through
- Vijaya Diagnostics- Promoter sold 11,82,100 shares of company
- IEX- May overall volume of 8,251 MU, up 8 pct (YoY), Price falls 30 pct at Rs 4.74 per unit YoY
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