Markets for the week ended with marginal losses after failing to cross the key hurdle of 18513 with Nifty futures closing below the key support of 18370. In the past few days due to selling in B-group stocks the Nifty 50 Index has managed to show sharp outperformance compared to the Nifty 500 Index forcing the spread of the Nifty 50- Nifty 500 index to approach the weekly resistance mark.
This along with a fall in the ratio of BSE Sensex to Gold BEES indicates the market has entered a crucial zone from where a 20-22% fall is not ruled out in the coming days. We would advocate extreme caution as long Nifty 50 trades below 18513 with a potential downside risk of 14700 remains quite active.
Nifty 50 Index & Ratio of Sensex to Goldbees
Stocks to watch
Positive Read through
- Tata Motors in focus – to be included in Sensex effective Dec 18.
- HDFC twins in focus as NSE amends rules for deletion from index post corporate action.
- IEX to meet on Nov 25 to consider buyback.
- Government withdraws most export duties on steel products.
- Escorts- Expects revenue to grow more than 2.5x by FY28 over FY22.
- Aarti, Deepak Fertiliser sign binding term sheet for 20 years for nitric acid.
- Delhivery added to FTSE All Cap index, adjustment date is Dec 16.
- EaseMyTrip to consider bonus issue on Nov 23.
- RHI Magnesita to acquire Dalmia Bharat Refractories via share swap agreement.
- Cyient committed to its roadmap of achieving USD 1 bn revenue by FY24.
- Zomato- Co-founder Mohit Gupta resigns.
Negative Read through
- Dr. Reddys to be excluded from Sensex effective Dec 18.
- Aurobindo – USFDA issues 10 observations for Unit IX.
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