Markets succumbed to selling pressure on Friday with prices opening lower and thereafter closing at the lowest point of the day by breaching a low of 19253.60. This breach has confirmed the start of Wave (3) of impulse degree which would have a minimum target of 17,657 and can even extend to 16,463. From trading perspective, this is an ideal time for opening short positions in Nifty September futures with stop loss placed at 19,565. The massive selling of FII of more than Rs 4500 crores on Friday also corroborates to bearish trend in markets. With the breakdown in spread data of Nifty 50- Nifty 500, we may see Nifty 50-based derivatives and ETFs being used to create massive short positions in international markets for hedging exposure in broader markets.
Nifty 50 Chart
Stocks to watch
Positive Read Through
- BEL – In the last 2 months (July & August) received total orders worth Rs 32,890 mn
- Bhel – from NHPC received an order of Rs 22,420 mn
- Indostar – sells a corporate portfolio of Rs 9,150 mn to Phoenix Arc
- Jio Financial – Motilal Oswal mutual fund buys 37.2 mn shares at Rs 202.80/share
- Amber Ent – Ascent Invst holdings sell 3.7 pct stake, Government of Singapore buys 2.2 pct
- Linde – gets letter of acceptance from Sail to set up cryogenic oxygen plant
- BEML – gets order worth $19.71 mn from Kamss Ltd, Russia
- Indian Bank – On 30 August bank to consider a mode of fundraising up to Rs 40,000 mn
- Somany Ceramics – sets to divest its entire 51 pct stake in Somany fine vitrified.
- Zomato – reports suggest the company rolled out a platform fee of Rs 2/order across cities.
- Fortis – sets to buy the entire remaining stake in Gleneagles Hospital for Rs 7,400 mn
- Avantel – In agreement with the Meteorology department to design & develop a wind profiler.
- PB Fintech – Sarbvir Singh is appointed joint group CEO effective August 26
Negative Read Through
- Paytm – Ant Fin sells 22.7 mn shares i.e. 3.6 pct stake at Rs 895.20 per share
- NBFCCs – RBI expresses concern about high growth in unsecured lending
- LT Foods, KRBL – Additional safeguard on basmati rice exports introduced by Government
- Zee Entertainment – Punit Goenka moves to SAT, challenging SEBI’s confirmatory orders.
- Brightcom – CEO and CFO resigns as SEBI had barred them to hold KMPs
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