Markets witnessed concentrated action on Wednesday with Reliance Industries solely contributing to gains in Nifty while Nifty Bank turned laggard. In the current scenario, Nifty has been battling with breakout zone of 22,200 above which we may see acceleration of momentum towards 23,500. The ADX line also has been indicating an oversold terrain in the past few days and hints that the market is likely to enter into trending zone soon. The key catalyst for a larger upmove is expected from Nifty Bank which has seen good accumulation in the past few days and a close above 47,100 should pave the way for an upside target of 53,000.
Nifty Futures Chart
Stocks to watch
Positive Read Through
- BHEL – Bags Rs. 40 bn order from Adani Power to set up plant in Chhattisgarh.
- Biocon – Receives UK Healthcare department approval for diabetes drug Liraglutide.
- Gocl Corp – Signs MoU with Squarespace Builders for monetisation of 264.5 acres of land.
- Aurobindo Pharma – Appoints Mangalam Ramasubramanian Kumar as chairman.
- Cyient – Signs aircraft design agreement with German-based Deutsche Aircraft.
- Dr Reddy’s – Signs exclusive distribution agreement with Sanofi Healthcare India.
- Balmer Lawrie – To set up warehousing zone in SEZ of JNPA with Rs. 2.30 bn investment.
- Tata Elxsi – Partners with Drager to advance critical care innovation in India.
- GMR Airports – Arm GVIAL gets Rs. 3.94 bn from NIIF towards subscription of 394.8 mn CCDS.
- JSW Energy – Board meeting scheduled on April 2, 2024 to consider fund raising proposal.
Negative Read Through
- Alkem Lab – US FDA issues form 483 with 10 observations for manufacturing facility at Baddi.
- Zydus Life – US FDA issues 4 observations for Ahmedabad’s SEZ onco injectable manufacturing plant.
- IDFC First Bank – Cloverdell Investment likely to sell 2.25 pct equity via block deals.
- Chalet Hotels – Launches QIP, size is likely at Rs. 12 bn.
- ICICI Sec – Scheme of arrangement for de-listing passed by shareholders.
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