Markets cooled off from the day’s high to finally settle with marginal gains after 50 DMA acted as a major hindrance to recent recovery. The formation of Bearish Pennant may take its course once Nifty 50 breaches the support of 17970 with immediate reaction expected towards 17783, which turns out to be the support leg of Pennant.
The recent drop in US Jobless claims has raised expectations for a 50 bps hike in the next monetary policy and this may rattle the global market mood in the coming days. Overall view on the market still remains with a negative bias as downside possibilities to test the trading range of 16700-17000 are still a possibility.
Nifty 50 Daily
Stocks to watch
Positive Read through
- UltraTech Cement commissions 1.30 mtpa brownfield cement capacity in Chhattisgarh, and 2.80 mtpa greenfield grinding capacity in Odisha.
- Hero Moto turns ex-dividend effective February 17, an interim dividend of Rs 65 per share for FY23.
- Bharat Forge, HAL foundry & forge division, and Saarloha Advanced Materials sign MOU in the development and production of aerospace-grade steel alloys.
- Railtel- Co got an order from Bangalore Metro Rail Corporation worth Rs 270.7 mn.
- FSN E Comm launches Nyveda, a new ayurvedic beauty and wellness brand.
- Vedanta was declared as the preferred bidder in respect of the e-auction of Kelwardabri Ni and the associated PGE block.
- Bharti Airtel- Airtel adds 1.52 mn subs in Dec.
- RIL- Jio adds 1.71 mn subs in Dec.
- Power Grid unit commissioned Gujarat project.
- Adani Grp- Adani to refinance two-dollar bonds, prepay share pledges, aims to cut debt to EBITDA.
- Minda Corp offers to buy up to 15.7 pct stake in Pricol.
Negative Read through
- Voda Idea lost 2.47 mn subscribers for Dec.
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