Markets inched further lower on Tuesday to extend losses for 8 consecutive trading sessions and formed an 8-bar reversal pattern on the candlestick chart. These 8 consecutive lows imply oversold positions and an immediate rally could force prices toward their intermediate high which provides a target of 18,134.
As prices are forced in extremely oversold terrain, reversal often occurs within a quick span and the potential of the Nifty 50 hitting an all-time high in the current expiry cannot be ruled out.
Nifty 50 Daily
Stocks to watch
Positive Read through
- Tata Motors demands 500 mn pound UK Govt aid for a new battery plant.
- HDFC increases its Retail Prime Lending Rate on Housing loans by 25 bps, with effect from March 1, 2023.
- Axis Bank completes acquisition of Citibank India Consumer Biz for Rs 11,603 cr.
- BEL signed a frame supply agreement with Nagpur-based Thales Reliance Defence Systems.
- Bajaj Auto Feb Total sales at 2.80 lk units vs est of 2.83 Lk units. Exports are down 38 pct at 1.27 lk units.
- Adani Ports- S&P Global affirmed its BBB- rating for Adani International Container Terminal Pte.
- Reliance Industries incorporated a wholly-owned subsidiary named Reliance SOU to develop properties for commercial use.
- Zydus Lifesciences received final approval from US FDA for 2.5 mg and 5 mg variations of Apixaban tablets.
- Tech Mahindra has expanded its partnership with Microsoft as an Azure Operator Nexus Ready Systems Integrator.
- NTPC completed the transfer of 15 renewable energy assets to subsidiary NTPC Green Energy.
Negative Read through
- Realty Cos- Knight Frank reports saying Mumbai Feb real estate registrations are down 11 pct YoY.
- Delhivery- SoftBank to sell up to 3.4 pct stake in Delhivery worth Rs 826cr. To sell at Rs 335.1, a discount of 3 pct.
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