Markets for the week ended lower with Nifty ending in the red by more than 1% while Bank Nifty closed with marginal gains. For Nifty, the decline should be treated as a retracement after a major run-up as indices gather strength for setting significant higher targets in the month of September. The monthly chart for August will still depict bullish picture as long it sustains above 17158.
Asian indices opened on Monday following Fed Chairman Jerome Powell’s speech at Jackson Hole on Friday. He warned that rising interest rates will cause “some pain” to the U.S. economy, saying higher interest rates likely will persist “for some time.”
Nifty 50 Monthly chart
Stocks to watch
Positive Read through
- ICICI Lombard – Launches 14 new Pdts in health, motor, and corp segment.
- SBI Cards – July monthly spending up 2.8% MoM 35% YoY.
- GMR infra – To consider fundraising up to Rs. 6000 cr on September 2nd.
- SRF – Commissions 2nd BOPP film liner and metallizer project in Indore.
- Tata Steel – MoU with Punjab government for scrap-based electric arc furnace steel plant.
- Ultra Tech – Commission capacity of 1.3 mtpa at Dalla Cement Works, Uttar Pradesh.
- Rollex Rings – PE firm Rivendell sells its 12.5%, domestic MF’s buyers.
- Andhra Papers – Board approves capex of Rs. 400 Cr.
- Mahindra & Mahindra Says SsangYong Motor ‘Rehabilitation Plan’ Approved.
- Manappuram Finance To consider raising funds via debt in Sept.
- NDTV – Shift AGM date to Sept. 27 from Sept. 20 (Neutral).
- Syngene International To buy up to 26% stake in 02 renewable Energy II for INR 30cr.
Negative Read through
- Cipla- US FDA issues 6 observations to company’s Goa plant
- Glenmark- Goa plant is classified as official action indicated
- IRCTC- Withdraws tender for consultant appointment w.r.t data monetization
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