Markets on Wednesday recouped early losses and finally closed above 18,000 on back gains contributed from the non-financial segment with Reliance Industries leading from the front but volumes remained tepid. In fact, after yesterday’s up move, Nifty has moved towards crucial resistance of 50 DMA placed at 18,057 with the formation of Bearish Pennant.
For Nifty to come out of a bearish setup, ideally it needs strong closing above 18130, else still possibilities of Nifty testing 17000 remain on the cards. For today’s trading session, a short-term reversal may occur on a move below 17970.
Nifty 50 Weekly
Stocks to watch
Positive Read through
- Adani Grp- MSCI postpones implementation of lower free float for Adani Group stocks to May 2023 review.
- Vedanta was declared the preferred bidder for Sijimali Bauxite Block located in Odisha under the mineral block auction conducted by the state govt.
- Patel Engineering and JV partner has been declared the lowest bidder for projects worth Rs 1,567 crore in MP and Maharashtra.
- NTPC plans to raise a term loan of USD 750 mn.
- Ambuja Cements declares as the preferred bidder for the Uskalvagu limestone block.
- HAL signed a contract with the Argentinian Air Force for the supply of spares and engine repair of legacy two-tonne class helicopters.
- Aviation stocks are in focus after govt cut the special additional excise duty on ATF to Rs 1 from Rs 6 per litre.
- Voda Idea- CEO Says VI talks with Lenders For Funds Have Picked Up Pace.
A financial planning platform where you can plan all your goals, cash flows, expenses management, etc., which provides you advisory on the go. Unbiased and with uttermost data security, create your Financial Planning at Rs. 1499/-
Disclaimer: The views shared in blogs are based on personal opinions and do not endorse the company’s views. Investment is a subject matter of solicitation and one should consult a Financial Adviser before making any investment using the app. Making an investment using the app is the investor’s sole decision, and the company or any of its communication cannot be held responsible for it.
