Markets remained under pressure on Wednesday after the Nifty failed to close above the key hurdle of 15683 and was followed by a decline of 1.5%.
Though, the market is missing confidence in the up move, broader market like the Nifty 100 Equal weighted Index has already thrown up signs of a major bottom.
Recently Nifty 100 Equal Weighted index has tested the lower end of the falling channel with RSI showing positive divergence.
This setup has potential to trigger at least an 8-10% rally in short term and hence may take aggressive long positions on close above 15683. A fall in Brent crude prices and a change in Maharashtra Government may act as a necessary trigger.
Events – Zydus Life share buy-back, Weekly Nifty and Bank Nifty expiry, Dalmia Bharat dividend Rs5, BSE dividend Rs13.5, Happiest Mind dividend Rs2, CAMS – Dividend Rs12.
India 100 Equal Weight index
Stocks to watch
Positive Read Through
- HDFC Life Insurance raises Rs. 350 crores through NCDs
- Ashok Leyland’s EV arm aims for IPO after 2025. Ashok Leyland is all set to get aggressive in the electric commercial vehicle space.
- Reliance Industries – Reliance Jio-bp tp set up EV charging stations across 17 Nexus malls
- M&M Finance announced its partnership with BigHaat, India’s leading Agri Digital Platform.
- GAIL India plans to start distributed production of liquefied natural gas to meet demand from off-grid locations and the transport sector
- ICICI Bank raised interest rates by 5 basis points on fixed deposits below Rs 2 crore across certain tenors effective June 22.
- Delhivery will expand its infrastructure in two Indian cities.
- Kalpataru Power has secured new orders for Kanpur Metro Rail Project worth Rs2,290cr
- Zomato’s board of directors will meet on June 24 and will likely approve the acquisition of Blinkit, a quick commerce startup.
- Carlyle Unit Acquires 24.04% Stake in Bharti Airtel Arm Nxtra
- JMC Projects secured orders worth Rs 874 cr for a data center as well as for building and facilities in India
Negative Read Through
- Bajaj Auto will consider a share buyback proposal on June 27, days after it scrapped a previous plan to do so
- Glenmark- Form 483 with 6 observations for the Baddi plant
- Abbott- USFDA begins probe w.r.t infant death potentially from baby formula
A financial planning platform where you can plan all your goals, cash flows, expenses management, etc., which provides you advisory on the go. Unbiased and with uttermost data security, create your Financial Planning at Rs. 99/-
Disclaimer: The views shared in blogs are based on personal opinions and do not endorse the company’s views. Investment is a subject matter of solicitation and one should consult a Financial Adviser before making any investment using the app. Making an investment using the app is the sole decision of the investor and the company or any of its communication cannot be held responsible for it.