Markets ended on a flat note after the initial attempt to cross 18200 which turned out to be 38.2% of the recent down move and closed below the crucial support of 18130. Closing below 18130 for the Month of December should be seen as a sign of a major trend reversal with the formation of a ‘Bearish Engulfing line’ on the monthly chart.
The leading cause of worry for Indian markets is the Breakdown in the MSCI India Net USD Index, which may be an early indication of a sharp sell-off of 20% in the coming days.
MSCI India Net USD Index
Stocks to watch
Positive Read through
- Dr. Reddys Says All claims against co in the litigation w.r.t Revlimid generic are dismissed. Alert- DRL, Celgene, and Bristol Myers were named defendants in the Revlimid Generic case in the US.
- Godrej Properties Enters golf course road extension in Gurugram, Haryana.
- Coromandel Intl incorporates wholly owned subsidiary Coromandel Technology.
- Tata Power- renewable arm gets 255 MW hybrid power project in Delhi.
- Bharti Airtel – reports say Co planning listing of Airtel Payments Bank.
- FMCG- Govt allows free import of RBD palm oil beyond December 31, 2022.
- NACL- begins production of greenfield project, 1st phase capacity at 6000 tonnes/yr.
- Ashoka Buildcon- gets the order of Rs 754.6 cr from MP PoorvKshetra Vidyut Vitaran.
- JSW Energy- completes acquisition of Ind-Barath Energy by paying Rs 1047.6 cr.
- Spandana- sells stressed loans worth Rs 323.1 cr to an ARC.
- Poonawala Fin- Promoter, Rising Sun Holdings buys Rs 125 cr shares in 3 sessions.
- PTC Fin- Forensic Audit report does not raise any corp governance issues.
Negative Read through
- ONGC- Crude falls overnight, Brent back below USD 83 bbl.
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