Markets rebounded sharply on Wednesday despite RBI hiking repo rates by 25 bps. RBI Gov says the situation remains fluid and uncertain. RBI is focused on the withdrawal of accommodation. Core inflation remains sticky and inflation will rule above the 4 pct target. Nifty has been trading in a narrow band of 17600-17900 since Budget Day and all eyes remain on the movement of USDINR which is positioned for a major breakout with a potential target of 86.
The Sensex in USD terms i.e., Dollex 30 is still trading below 200-EMA which indicates the next move in Nifty should be heading towards 17,000 in the coming days. The monthly chart of Nifty also supports the bearishness and would be negated if monthly closing occurs above 18130.
S&P Dollex 30 i.e. Sensex in USD terms
Stocks to watch
Positive Read through
- LnT received an order worth Rs 2,585 crore from the Ministry of Defence for the supply of 41 sets of modular bridges for the Indian Army.
- Navin Fluorine- Subsidiary commenced commercial production of a key agrochemical intermediate in Dahej, Gujarat.
- RBL Bank approved the reappointment of Rajeev Ahuja as ED for a period of three years.
- RIL- Jio-bp announced the initial rollout of E20 petrol.
- Indian Bank increased its repo benchmark rate, effective Feb. 9, to 6.5 pct.
- Bharti Airtel has entered a strategic partnership with Vultr to deliver cloud solutions to enterprises in India.
- Paytm partners with Piramal Enterprises for loan disbursal.
- Emami- Fresh talks began for AMRI Hospitals’ sale with Manipal Group.
- Sheela Foam- in talks to buy Furlenco (EV pegged at Rs 500 cr).
- Antony Waste- arm receives Rs 1024 cr project win.
Negative Read through
- Adani Wilmar – Raided on allegations of tax irregularities.
- Adani Group stocks are in focus after MSCI announces changes to the free float status of some Adani securities.
- Tata Motors- JLR China car sales fall amid weak buying over the lunar new year.
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