Markets for the May ended higher for the second straight month and posted gains of 2.5%. The monthly charts indicate short term hurdle at 18604.45, above which we expect smooth sailing towards 19285 for the month of June. The key catalyst for the strong up move in June may come from sharp drop in brent crude prices which has managed to settle below USD 74 a bbl. We expect 18508 to act as a strong support as it turns out to be breakaway gap for the recent up move.
Nifty 50 Monthly chart
Stocks to watch
Positive Read Through
- Aviation stocks- ATF prices in Delhi cut by 7 pct MoM to Rs 89,303 a Kl.
- Lupin inks strategic pact with Enzene Biosciences to launch Cetuximab in India.
- HDFC Life- Promoter Abrdn has offloaded its entire stake in HDFC Life through bulk deals.
- Sona BLW- Societe Generale has bought additional 81.97 lakh shares in the company.
- Max Healthcare- Government of Singapore has bought additional 66.6 lakh shares in the company
- Adani Group stocks- Adani Group is looking to raise about USD 3 bn through an equity share sale to institutional investors.
- Adani Green- Board may meet in the first or second week of June for approving the fundraising.
- Tata Steel- Subsidiary Tata Steel Mining signs an agreement with French cleantech Metron to design an energy management platform.
- MOIL- MOIL raises prices of some grades of manganese ore by 10 pct
- L&T- Co unit to create renewable energy infrastructure for the world’s largest green hydrogen plant at Neom
Negative Read Through
- Coal India- Govt to sell stake in Coal India via OFS today
- IOC cuts commercial LPG prices by Rs 83.5 per cylinder
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