Markets for the week extended gains for the third straight week with Sensex closing at all-time high on Friday ahead of crucial U.S Federal Reserve meet on expectations that the Fed would pause further rate hikes. The Nifty after the recent move has tested the weekly resistance line extended from intermediate peaks hence would be interesting to see whether the Nifty is able to cross hurdle line of 20,280 for the week. In past few days, the Brent crude prices has clearly moved in breakout zone above USD 94 a bbl which poses major risk for global markets. For the week, crucial levels to watch on weekly closing basis would be 20,032 below which, we may expect termination of the up move.
Nifty chart
Stocks to Watch
Positive Read Through
- Tata Steel – Company in an agreement with the UK government to invest in UK Steel.
- Dabur – Double-digit sales growth in the medium term expected by management
- Hal – Aon for 12 SU-30MKI aircraft purchase approved by Defence Acquisition Council
- Bel – Bags order worth Rs.30,000 mn, of which Rs. 21,186 mn is from Cochin Shipyard
- Restaurant brands – Everstone cap sells 25.4 pct stake through block, Icici Pru, and Plutus Wealth buyers
- Vodafone Idea – Pays Rs.7,010 mn to DoT for spectrum auction instalment
- Texmaco – Board approves fundraising of up to Rs. 10,000 mn via QIP & rs. 500 mn via pref issue
- Hfcl – Receives order worth Rs. 10,150 mn from Madhya Pradesh Jal Nigam for EPC services.
- Adani Total – From Ahmedabad Municipal Corp, the company got an order of RS. 1,300-1,500 mn
- PVR Inox – In Ahmedabad’s Himalaya Mall company opened 5 screens multiplex.
Negative Read Through
- ONGC – Windfall tax on crude oil hiked to Rs. 10,000 per tonne, SAED on diesel, ATF cut
- NCC – In Sembcorp case arbitral award Rs.1,978 mn Vs Rs.6,062 mn net receivables
- Dhanlaxmi Bank – Independent director resign from board citing issues including Right issue
- Panacea Bio – Via block Serum sells 0.4 mn shares at Rs. 140 per share
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