The market ended with marginal losses after initial attempts to surpass resistance of 15849 to finally close below 15750.
With the Fed meeting lined up today evening and the expectation of a 50 bps hike, most of the global market has been under pressure for the past few weeks.
As Dollex 30 index, which is Sensex in USD terms, has thrown up positive divergence in RSI, we can expect a major turnaround in the near term on a close above 15849.
This RSI reversal indicator is widely followed by most of the institutional investor community and hence has higher relevance for sharp upside in the near term.
Shares in Asia-Pacific slipped following overnight losses on Wall Street as the S&P 500 fell deeper into the bear market territory. A slew of Chinese economic data, including industrial production and retail sales for May, is set to be out today.
US 10-year Treasury yield tops 3.48 pct, the highest in 11 years. Today’s interest rate decision and economic projections by the US Federal Reserve at 11.30 pm (IST).
S&P Dollex 30 Index
Stocks To Watch
Positive Read Through
- NTPC has started commercial operations for the 15 MW Kawas Solar PV Project in Gujarat, taking its total operational capacity to 54,666.68 MW.
- LIC has increased its stake in Hero MotoCorp from 9.163% to 11.256%. It has also increased its stake in Hindustan Unilever to 5.008%.
- Cipla- Cipla and DNDi launch child-friendly 4-in-1 antiretroviral treatment for young children living with HIV in South Africa
- Sun TV, USL- to gain Rs 400-500 cr/yr from a share of IPL Media rights
- Biocon- CCI approves sale of global biosimilar portfolio of Viatris to Biocon Biologics
- IIFL Wealth- CCI approves the acquisition of up to 24.98% of IIFL Wealth Management
- ZEE – The inability of Zee, and Sony to win rights is a positive in the near term
- Engineers India- NLCIL appoints Co as Project Management Consultant for Methanol Project.
- Escorts- sees revival in rural sentiments, Kubota wants to scale up the export of tractors
Negative Read Through
- TV18- Viacom 18 bags IPL digital rights, analysts say monetization on digital won’t be easy
- Tata Comm- Specific revenue growth guidance missing from Investor Day meet takeaways
- Bajaj Auto clarifies on share buyback, says committed to returning surplus cash to shareholders
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