Markets on Friday managed to close above the key reversal point placed at 15683 after multiple attempts in the past few days. The setup of Dollex 30 i.e. Sensex in USD terms has been following characteristics of the typical ‘Falling Wedge’ pattern where RSI throws up positive divergence and prices are unable to form significant lows.
With the Nifty closing above 15683, the next leg of the up move could be quite severe and the Nifty is positioned for gaining 23% in the near term as shown in the projection. This time, the rally is expected to be concentrated in a few stocks of Sensex with outperformance expected from Financials, Auto, and FMCG.
Shares in the Asia-Pacific traded higher on Monday as investors assess inflation and recession fears.
Triggers this week- Automobile sale numbers of June beginning July 1, OPEC meet, derivatives contract expiry on Thursday, crude oil price movement and FIIs flows
S&P Dollex 30
Stocks to watch:
Positive Read Through:
- Cipla Co., Macleods HIV Child Treatments Approved in South Africa
- Dish TV India Says Jawahar Lal Goel vacates MD office after votes by shareholders at EGM
- Dr. Reddy’s Buys Injectable Product Portfolio From Eton Pharma; to Pay $5M Upfront, up to $45M Contingent.
- Welspun Corp Wins orders worth 6b rupees from India, the U.S.A. across the Oil & Gas and Water sector
- L&T Finance Holdings Says unit Gets NBFC Registration Certificate
- Zomato To Buy Blink Commerce Stake in $568 Million Deal
- RIL in talks to raise up to $8 bn for Boots deal
- Ashoka Buildcon: Co Receives LOA For Project Worth US $106.38m
- Canara Bank: Board Approves Rs 9000-Crore Capital Raising Plan
- Infosys: Co In AGM Says On Recession Question CEO Says Sees Strong Deal Pipeline, Growth Guidance Remains At 13-15%
- ICICI Bank: Moody’s Upgrades ICICI Bank UK’S Supported Ratings, Stable Outlook
- NTPC: Co. Reaches 2GW Renewable Energy Capacity
Negative Read Through
- Indian Overseas Bank -RBI Imposes Penalty of Rs 5.75M on IOB for non-compliance
- Hind Copper- fall in copper prices continues, to mull fundraising on June 30.
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