Markets for the week posted smart gains with Nifty 50 convincingly closing above the weekly breakout line while Bank Nifty ended higher by almost 3% to close above the 40,000 mark. The weekly breakout above 17,800 followed by India VIX closing below the 18% mark is likely to add further momentum to the Indian markets with the expectation of a new all-time high in the coming weeks.
Adding to it, the ratio of the Nifty 50 Index to WTI Crude oil has triggered positive attention after weekly closing in the ratio was able to surpass the resistance line as well as closing above 50 WMA. In the coming week, we expect major action in Indian markets as a short covering is expected above 18,000 in the Nifty 50 Index.
Nifty 50 Index & Ratio of Nifty 50 Index to WTI Crude Oil
Stocks to watch
Positive Read through
- RIL- subsidiary Reliance Petroleum Retail to acquire the polyester business of Shubhalakshmi Polyesters & Shubhlaxmi Polytex for Rs 1,592 cr.
- ONGC has signed six contracts for DSF in the offshore under DSF-III bid round, with three each for fields in the Arabian Sea and Bay of Bengal.
- Tata Steel BoD is scheduled on Sept 14 to consider the issuance of unsecured NCD on a private placement basis.
- Gujarat Industries Power approved the award of an EPC contract worth Rs 244 crore to KEC International.
- Tata Consumer- Reports say Company made offer to Bisleri for a stake acquisition.
- Banks- Credit growth at 15.5%, highest since Nov 2013 as per RBI.
- Aurobindo- Unit XI observations accessed, no data integrity issue.
Negative Read through
- Adani Transmission- Reliance Indra files Rs 1400 crore claim in power deal.
- Anupam Rasayan- fire incident at the plant in GIDC, losses being accessed.
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