Markets rebounded on Fed’s dovish stance with Nifty surging higher to regain above 50 DMA rallying by 1% on volumes which were lower than average. The resistance line for Nifty has moved higher from here on to 19,800 and should be seen as important hurdle to regaining of positive momentum. Yesterday’s rebound was mainly on the back of major gains in Bank Nifty which saw sharp surge after breaching last week’s hammer low and hence remains in critical zone for the current week. As Nifty remains in vulnerable reversal zone any move below 19,430 should be seen as a confirmation of downtrend for the current week.
Result Today – TCS, Delta Corp
Nifty 50 chart
Stocks to watch
Positive Read through
- MCX – From 16th October company to go live on new platform.
- NCL In Cement production rises by 9 pct in Q2, Cement dispatches up by 11 pct YoY.
- Ugro Cap – AUM increased by 73 pct in Q2, net loan origination rises by 34 pct YoY.
- Religare Ent – According to reports, board Has commissioned an independent valuation report.
- Religare Ent – According to reports, board Has commissioned an independent valuation report.
- Shiva Cement – For capacity expansion, company got Odisha Pollution Control Board consent.
- PVR Inox – Scheme of amalgamation of Shouri Properties with company allowed by NCLT.
- PI Industries – Therachem Research Medilab and Solis Pharmachem have been merged into parent company PI Health Sciences.
Negative Read through
- Cipla – According to Mint, Family Rift Clouds USD 7 bn Sale Of Cipla, deal pricing under contention.
- Bank Of Baroda – RBI stops onboarding new customers onto ‘Bob World’ app.
- ZEE Ent – IDBI Trusteeship files NCLAT appeal against NCLT approval of Zee-Sony merger.
- Finolex – Prakash Chhabria Co files suit in Supreme Court against non-disclosure of AGM voting results.
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