Markets for the week gained 1% and managed to post weekly closing above the key resistance of 18580 despite selling pressure on Friday. The breakout above 18580 has negated important algo selling which can help Nifty 50 to scale towards 19867.
In the immediate terms, we expect India VIX to decline towards 9%, and then Nifty 50 may resume its upward journey. In the short term, any decline should be seen as a buying opportunity with a stop loss for a long position placed at 18100.
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Nifty 50 index
Stocks to watch
Positive Read through
- Hindustan Aeronautics Gets Rs 4.27b Income Tax Refund Order.
- Wipro Unit Has Signed A Definitive Agreement To Sell Its Preferred Shares To Harte Hanks Inc By Way Of Repurchase Of Shares.
- Titan- Co Unit Incorporated Wholly Owned Subsidiary In Qatar.
- NTPC- Co Says Coal Production Of 12.24m Metric Tonnes Till Nov’22 In This Fiscal, Up 48% YoY.
- Ultratech Cement Says Commissioned 1.8 MPTA Brownfield Clinker Backed 2nd Grinding Capacity At Dhar Cement Works.
- ICICI Bank- continues efficiency at 96% vs 91% MoM, Gross NPA ratio at 7%.
- NTPC- Strategic investor likely for NTPC Green Energy by March 2023 says reports.
- HAL- received income tax refund order of Rs 427 cr.
- JK Cement- Commissions 2.64 mt clinker capacity at Panna, MP.
- Sanghi Industries- Board approves preferential allotment of 7.3 mn shares at Rs 68.25 a sh to a promoter.
- M&M Financial- Collection efficiency at 96% vs 91% MoM, Gross NPA ratio at 7%.
Negative Read Through
- Ange One- Gross client acquisition down 6.3% MoM.
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