Markets succumbed to selling pressure on Monday with the Nifty 50 breaching last week’s low of 18209 and closing below the same. The rebound in Brent crude from 83$ in yesterday’s trade is seen as a significant warning for Indian markets as the current rebound has not only confirmed “Double Bottom” but also has the potential to rally towards 150$ in the coming months.
For Nifty 50- below 18513, the downside risk of 14700 still prevails and we expect selling pressure to accelerate on move below 18025. The ratio of Sensex to GOLDBEES is also trading at border levels which may direct flows from Indian equities to Gold in the near future.
Nifty 50 Index & Ratio of Sensex to Goldbees
Stocks to watch
Positive Read through
- NGRB has notified natural gas pipeline regulations effective Nov 18 – positive ve for GAIL and GSPL.
- Lupin- Signs MoU with Govt of Rajasthan for Healthcare System.
- Reliance Ind- Jio receives NCLT approval for the acquisition of Reliance Infratel.
- Indoco Remedies- Co expects 23-24 pct EBIDTA margin in Riyadh, gets CITC License.
- Jubilant Food- Incorporates a subsidiary in Nepal. To develop and operate Domino‘s Pizza stores in the territory of Nepal.
- Route Mobile will open a local sales office in Riyadh and operate as Route Mobile Arabia Telecom.
- JK Paper to acquire 85 pct of Horizon Packs and Securipax for Rs 578 cr.
- NDTV- Adani Group open offer for additional 26 pct stakes opens today.
Negative Read through
- Nykaa- Reports say Lighthouse India Fund to sell 0.65 pct equity at Rs 180-183.5 a sh.
- Delhivery- Carlyle Group sells 1.8 cr shares, Morgan Stanley buys 48.5 lac shares at Rs 330 a sh.
- Hind Copper- Copper prices dipped overnight, it is at a 2-week low.
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