Markets exhibited signs of strength as the broader index namely the Nifty 50 equal weighted Index failed to trigger a closing below the support line, thus helping the Nifty 50 to end in the marginal positive terrain. The Sensex has tested the lower end of the bullish expanding triangle and hence we may witness a major trend reversal on Sensex closing above 57,630 in today’s trading session.
The upper end of expanding triangle is placed at 61,800, hence any reversal from current levels has the potential to assist Nifty in retesting 18,210 straightaway.
Nifty 50 Eq Wt Index
Stocks to watch
Positive Read through
- Zee Entertainment Enterprises, Indian Performing Right Society settles disputes and claims.
- Glenmark Pharma arm gets USFDA nod for IND application of solid tumors and lymphomas drug Phase 1 of 2.
- Himatsingka Seide to consider opening USD 12.5 million FCCBs, Rs 460 crore NCDs issues, on March 21.
- Defence Ministry clears proposals to buy weapons worth Rs 70,000 crore, HAL bags almost 50 pct of orders.
- Lemon Tree Hotels has signed a License Agreement for a 60 rooms property in Sri Ganganagar, Rajasthan.
- Voltas subsidiary UMPESL bags orders worth Rs 1,770 crore for power distribution and solar projects.
- Infosys Finacle implements a global liquidity management system for ABN AMRO’s corporate customers.
- IndiaMART to divest entire 30 pct stake in Ten Times Online.
- Rail Vikas Nigam emerges as L1 bidder for projects worth Rs 112 crore.
- Glenmark Life Sciences declares a dividend of Rs 21 per share for FY23.
- Jubilant Ingrevia buys a 37.98% stake in associate company Mister Veg Foods.
- Dr. Reddys divests certain non-core brands in dermatology to Eris Lifesciences for Rs 275 crore.
- Transport Corporation of India: HDFC Mutual Fund picks an additional 2.04% stake in Transport Corporation of India.
- Samvardhana Motherson International’s arm incorporates its subsidiary Motherson Electronic Components.
Negative Read through
- TCS MD and CEO Rajesh Gopinathan resign.
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