Nifty reacted sharply in the last hour of trade on Thursday from 17700 after domestic call writers exerted pressure to force Nifty expiry around 17500. This may turn out to be the last attempt by bears to suppress the market.
We expect major support for the market emerging from put writing at current levels and that should be confirmed with a sharp decline in India VIX in days to come. Meanwhile, watch out for 39300 in Bank Nifty in short term, above which we may see a swift up move towards 42000.
Nifty 50 Weekly chart
Stocks to watch
Positive Read through
- Max Financial Services- Max Pension fund gets PFRDA approval to start operations
- DRL – Formulation facility FTO 11in Srikakulam gets establishment inspection report
- Gland Pharma- FDA conducted a premarket inspection at the Dundigal unit in Hyderabad
- ACC, Ambuja- Open offer by Adani starts today
- Lupin- US FDA for Dasatinib Tablet & Formoterol Fumarate
- Granules- US FDA indicates Virginia Unit as voluntary action indicated
- Crompton Cons- Appoints Kaleeswaran Aruchachal as CFO
- Spandana- India Ratings affirms rating in NCD & bank loan
- Indian Oil To Invest $25B to Meet 2046 Net Zero Emission Target.
- Inox Wind- The company said its board of directors on August 30 will consider fundraising.
- Nelco- MoU with Intelsat commercial aviation to offer inflight connectivity
- Nykaa- Anomaly, a Haircare brand to be launched in India exclusively by Company.
- Goa Carbon- resumes operations at Bilaspur unit
Negative Read through
- Eicher Motors – Kaleeswaran Arunachalam resigns as CFO effective September 2nd
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