Markets for the week ended with losses of around 3% to close below 17,589 which turned out to be 200- a day EMA after sentiment in the market was dampened further due to selling in Adani group shares. With the Nifty 50 forming a lower low for 6 consecutive trading sessions, the short-term oscillators have entered into an oversold terrain and the last two day of negative closing in India VIX warrants caution for the continuation of a negative trend.
In fact, after Friday’s decline, the Dollex 30 i.e. Sensex in USD has formed a bullish falling wedge setup which has the implication of 10% gains in the near term. Hence Nifty 50 is likely to witness a major trend reversal on close above 17534.
Nifty 50 Weekly & Dollex30 ie Sensex in USD
Stocks to watch
Positive Read through
- Power Grid approved an aggregate investment of Rs 804 crore in four projects.
- Adani Ports crossed 300 MMT of cargo volumes in 329 days vs 354 days last yr.
- Indiabulls Housing Finance will issue non-convertible debentures worth Rs 100 crore.
- The SpiceJet board will meet on Feb. 27 to consider the issue of shares on pref issues and raising the fresh cap.
- NBCC India received an order worth Rs 350 crore for various works of existing buildings at Motilal Nehru National Institute of Tech, Allahabad.
- PVR opened an 11-screen multiplex at Lulu Mall in Lucknow, UP.
- BEL opened its new software development center in Visakhapatnam, offering SaaS services for various appl to defence and non-defence sectors.
- Tega Industries is set to acquire McNally Sayaji Engineering.
- IRB Infra has NHAI for the project of upgradation to six lanes with a paved shoulder of NH-27 in Gujarat on BOT (Toll) mode.
- Kalpataru Power completed the sale of addl 25% stake in Kohima-Mariani Transmission, to Apraava Energy.
- Pfizer has completed the sale of its Thane business after receiving all requisite approvals from the concerned authorities.
- Granules get USFDA nod for Losartan Potassium tablets.
- Tube Investments- To raise Rs 3000 cr by March 2024 to expand EV business.
- Lemon Tree- receives license agreement for a 100-room property in Kasauli, HP.
Negative Read through
- Bajaj Auto- reports say Co announces to take 25 pct production cut.
- Indigo- Over 50 Co and Go First planes are grounded due to engine woes according to reports.
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