Markets remained under pressure on Monday with BSE Sensex closing near 50 DMA while Bank Nifty ended flat despite sharp selloff in rupee against EURO, GBP and JPY. The sharp decline in Dollar Index is likely to aggravate further selling pressure as carry trade unwinding may force selling in Indian Bonds abroad. From a Nifty perspective crucial support based on diamond top formation is placed at 19,600 and below which, we expect deeper cuts for the broader markets. On the higher side, Indian markets may get some stability in case Bank Nifty closes above 44,220.
Nifty Futures Chart
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Positive Read through
- Tech Mahindra – Forms JV with Neom Tech & Tonomus for Pdt & platform Dvpt services.
- IGL – Mou with Concor for sustainable transportation using LNG trucks.
- Oberoi Realty – Launches first luxury residential project ‘Forestville’ in Thane.
- Tata Power – Crosses 1.4 GW capacity of group captive projects in last 7 months.
- Rategain – Rs. 6,000 mn QIP closes, issue price at Rs. 643/sh, ICICI Pru, Sundaram MF subscribers.
- Kirloskar Elec – Management withdraws lockout at company’s unit in Bengaluru rural district.
- CIE Auto – Tax ruling in favour, IT demand of Rs.329 mn converted to refund of Rs. 145 mn.
- Vascon Engg – Lol for project of Rs. 3,567 mn from Pimpri-Chinchwad Municipal Corp.
- Titagarh – Partners ABB for metro projects in India.
- IRCTC – Railway board nod for long-term catering tenders for a period of 7 years.
- HDFC Life – Karnataka Bank sings pact with HDFC Life to distribute Life Insurance products.
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