Markets made a sharp reversal on Tuesday as the gap down failed to force Nifty futures below VWAP support of 17250 and was followed by a convincing close above 17500 in the Nifty 50 Index. Major gains were seen from Bank Nifty which ended with a reversal pattern of ‘Bullish engulfing line’ on daily basis.
We expect markets to remain volatile today on account of the derivative contract expiry tomorrow. Asia-Pacific shares rose on Wednesday after the Dow Jones Industrial Average and S&P 500 posted their third day of losses in the U.S.
Nifty 50 Weekly chart
Stocks to watch
Positive Read through
- ONGC, OIL, HOEC- Oil rises as Saudi Arabia hints at possible output cut.
- Dr. Reddy’s – Gets US FDA nod for Desmopressin Acetate Injection.
- Chennai Petro- Board approves JV with IOC and Seed investors.
- SpiceJet- Rpts says the company plans Rs. 2,000 cr fundraise via various means including share sale.
- Confidence Petro- To consider fundraising on Aug 27.
- Hindalco Industries Plans USD 8 Billion Capex Over 5 Years, Including Novelis
- Adani Enterprises SaysUnit AMG Media Indirectly Takes 29.2% in NDTV, Launches Open Offer
- PFC Signs MOU For 67.5b Rupees With Mahapreit To Aid 1550 Mw Solar Power Projects In Maharashtra
- Arvind Smartspaces Inks Agreement With HDFC Capital Advisors For Creating Residential Development Platform With Revenue Potential Of Upto Rs. 5,000 Crores
- Easy Trip Planners Board Meeting On Aug 26 To Consider Raising Further Capital
Negative Read through
- Glenmark- US FDA classifies Monroe facility in the US as official action indicated.
- NDTV- Adani to indirectly buy 29.18% stake, open offer for 26% at Rs. 294/ share.
- Computer Age Management Services Says Great Terrain Investment Cuts Stake In Co By 3.79% To 19.95%
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