Markets managed to post gains on Wednesday on the back of support from Bank Nifty which rallied more than 1% on the back of a drop in USDINR and lower Brent crude prices. However, the setup for Nifty still calls for caution and resembles a similar situation that occurred on Sep-Oct 18.
The price setup in Nifty 50 indicates that Wave (3) should resume after the current up move which can fall in a trajectory of either 16,345 or 17,539. The S&P 500 equal Weighted Index has also a formed larger Bearish Triangle which also justifies for 10-15 pct quick downside in the near term. The resistance for today’s trading session is seen at 19,535 which turns out to 38.2 pct retracement of the entire down move.
Nifty 50 Chart
Stocks To Watch
Positive Read Through
- Reliance Inds- Qatar Investment Authority sets to pick 0.99 pct stake in Reliance Retail for valuation of USD 100 bn.
- Hindustan Aeronautics- LCA Tejas successfully test-fires ASTRA air-to-air missile.
- NHPC- signs MoU with APGENCO for projects of pumped storage hydro Power & renewable energy.
- Vascon Engg- get Rs 6,057 mn letter of acceptance from BMSICL.
- Torrent Pharma- US FDA classified Dahej unit as VAI Vs. OAI earlier.
- Atul Auto- Societe Generale bought 1.4 Lk Shares (0.7 pct Equity) at Rs 409.5/share via a block deal.
- Snowman’s promoter Gateway Distriparks bought 1.1 mn shares at Rs 53.36/sh via a block deal.
- Tata Motors- CCI closed a case against Co on alleged abuse of its dominant position with respect to agreements with its authorised dealers.
- HCL Tech collaborates with AWS to drive GenAI adoption.
- JB Chemicals- The USFDA has approved JB Pharma’s ANDA for Doxepin Hydrochloride Capsules.
Negative Read Through
- ONGC/OIL- crude slips below USD 83/bbl, WTI below USD 80/bbl.
- Sun Pharma- US court of appeals rules against the company in Deuruxolitinib patent litigation.
- Cofrorge- According to reports Baring PE is likely to sell the entire 26.63 pct stake via blocks at Rs.4,550/share.
- P&G Health- posted Q4, EBITDA declined by 23 pct, Margin came at 15.1 pct vs 20 pct YoY.
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