Markets opened with a gap-up yesterday but failed to sustain the positive momentum and closed with little gains as volatility emerged ahead of the weekly expiry day. Overall market breadth remained bullish, where 1,620 stocks advanced against 681 declined stocks. The 8-Bar reversal has activated a major reversal from the downtrend and the appearance of a breakout in the spread of the Nifty 50- Nifty500 Index, the gains in large-cap stocks are expected to accelerate further.
The bullish flag setup in Nifty 50- Nifty 500 which has taken almost 12 months seems to be complete now and should act as a key catalyst for Nifty’s journey towards 19,867 in the near term. As for the day, support is placed at around 17,289 and then at 17,246 levels, while resistance is observed at 17,402 and then at 17,472 levels.
Spread of Nifty 50- Nifty 500 Ind & SGX Nifty
Stocks to watch
Positive Read through
- Canara Bank To raise MCLR by 15 bps across tenors from Oct. 7.
- Yes Bank Appointed Prashant Kumar as MD & CEO for three years.
- FSN E-Commerce Ventures Says the unit enters into a pact with Fashion Retailer Apparel Group to undertake multi-branded beauty retail in GCC.
- Karur Vysya Bank To raise MCLR by 20 bps across tenors from Oct. 7.
- NTPC Signs MoU with GE Gas for Hydrogen Co-Firing to cut CO2 emission.
- Quess Corp Approves disinvestment of 53% stake in unit Simpliance Tech for INR1.2b.
- Reliance Industries Says Its Asteria gets Micro Category Drone certification.
- Samvardhana Motherson Inaugurates new Morocco facility.
- SBI Cards Says Rashmi Mohanty appointed as CFO from Oct. 21.
- Themis Medicare Partner with NFL Biosciences for NFL-101 in India.
Negative Read through
- Torrent Pharma- USFDA says Co failed to review discrepancy at Indrad unit.
- Dabur India 2Q Group Revenue Expected to Grow at Mid-Single Digits.
- Biocon- One deficiency cited major in the European regulator inspection of the Bengaluru API unit.
- Varroc Engineering- Amends agreement for 4-wheeler lighting business sale, price reduced to Euro 520 m.
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