Nifty last week tried to defend support of 16800 and managed to restrain weekly losses to less than 1%. Such capitulation was possibly mainly on the back of a rebound from S&P Dollex 30 i.e., Sensex in USD terms which was able to firmly hold the neckline of the inverted Head & Shoulders pattern which was bullishly activated in the month of Nov 2022.
This breakout failed to carry on momentum further mainly on the back of a sudden surge in USDINR and was followed by the Hindenburg announcement on the Adani group. We can expect the next leg of bullish momentum should ideally carry prices 13% higher from current levels in USD terms and can expect bullish solid confirmation above 17156 in the Nifty 50 Index. Aggressive investors may also open fresh longs after India’s VIX moves below 14.30.
S&P Dollex 30 ie Sensex in USD
Stocks to watch
Positive Read through
- BEL- The Ministry of Defence has signed a contract worth Rs 3,000 crore for the supply of integrated electronic warfare systems for the Indian Army.
- Alembic Pharma- USFDA inspected its injectable and ophthalmic facility at Karkhadi during March 16-24.
- Eris Lifesciences has completed the acquisition of 9 dermatology brands from Dr. Reddy’s Labs for Rs 275 crore.
- NBCC India- Subsidiary has received a work order worth Rs 81.19 crore from AIIMS.
- Grasim acquires 220-acre land at Rs 255 cr for setting up a manufacturing unit.
- TTK Healthcare- Ace investor Sunil Singhania-owned Abakkus picked a 1.74% equity stake or 2.47 lakh shares via open market transactions.
- Campus Activewear- Fidelity Investments, and Societe Generale have picked a 2.98% stake whereas TPG Growth exited Campus.
- Sun Pharma entered into an agreement to acquire 60% shareholding in Vivaldis Health and Foods, from its existing shareholders, for Rs 143.3 crore.
- Lupin- UK regulator issues zero observation for Pithampur unit.
- Crompton Consumer- merges Butterfly, to issue 22 hares of Co for 5 in Butterfly.
Negative Read through
- Adani Total Gas, Adani Transmission- will move to the first stage of the long-term additional surveillance measure framework from March 27.
- Sun Pharma- IT Security incidence, will impact some of the businesses.
- Zydus Lifesciences- USFDA conducted an inspection at its Ahmedabad facility during March 20-24, issuing 3 observations.
- SBI Cards- February total spends down 9.3 pct MoM and up 36.4 pct YoY.
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