Markets for the month of August ended positive after a sharp up move on Tuesday that shook most of the market participants as Nifty surged by around 500 points and Bank Nifty jumped 1300 points on the back of Rs 4000 crore buying by FIIs in the cash market.
This up move has led to a major breakout on the ‘Monthly Chart’ for broader indices like Nifty 100 and BSE 100 index and is expected to trigger further short covering in coming days with an immediate target seen at 19867 for the Nifty 50 index.
In fact, there was a bullish setup of ‘Island Reversal’ seen on Sensex after Tuesday’s up move and with Nifty futures closing well above VWAP support of 17508 any gap down opening is likely to see follow-up buying with a short-term target seen at 18266.
Wall Street closed in negative territory for the fourth straight session. Market volatility is set to continue as investors reassess the economic outlook and Fed’s rate hike plans ahead of a key jobs report on Friday. Oil slumps to $95, even as Dollar firms to 109. Other cues- India Q1 GDP at 13.5% vs Poll at 15%. Auto sales data, weekly expiry today.
Nifty 100 Monthly chart & Sensex Daily
Stocks to watch
Positive Read through
- Infosys: Company divests its entire holding in Trifacta for $12 million.
- Zee Ent: Company signs strategic licensing pact with Disney Star for ICC men’s events.
- Coal India: Aims to enhance coal production to 1.23 billion tons by 2024-25.
- Inox Wind: Company receives approval for fundraising of up to Rs 800 Cr.
- Glenmark: Hikma Glenmark Specialty launches RYALTRIS in the US.
- Tata Power: Company to install smart meters for all its 7.5 lakh consumers in Mumbai by FY25.
- CreditAccess Grameen: Company to avail $90 m syndicated loan led by HSBC.
- Havells: To set up a Cable manufacturing unit in Karnataka, with an annual capacity of 3,48,000 kilometers with an estimated investment of Rs 300 cr.
- CDSL/BSE: NSDL is likely to file IPO DRHP by end of the year.
- Aditya Birla Capital: CCI approves GIC stake purchase.
- Lemon Tree: Signed license agreement for a 45-room hotel in Gujarat.
- GMR Power: GMR Group to Divest Its 30% Equity Stake in PT Gems for $420M.
- CG Consumer: The goal is to become a pan India leading brand in kitchen appliances in 5 years.
- Inox Leisure to add 834 screens after FY23, according to the latest annual report.
- Cipla and Kemwell Biopharma have amended the agreement between the two with regard to their joint venture, which will now be incorporated in the US.
Negative Read through
- Biocon: US FDA issues 11 observations each for two sites in Bengaluru.
- Spice Jet: Net loss of Rs 485 cr Vs loss of Rs 257 Cr (YoY) CFO Sanjeev Taneja has resigned.
- Zee Ent: Initial review by the CCI India for the merger of Zee Ent & Sony India finds competition concerns.
- Oil upstream stocks: Windfall tax on crude increased to Rs 13,300/l from Rs 13,000/l.
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