Markets failed to carry opening momentum on Wednesday despite positive global market cues and finally ended unchanged. In fact, Nifty 50 retreated before touching 19,467 which clearly indicates bulls have lost control of the markets. Today being a monthly losing, it would throw necessary signals for long-term investors about the trend change. A negative closing of -0.38% or below 64836 in Sensex should provide strong confirmation of a major downtrend in markets. The spread of Nifty 50-Nifty 500 has already been showing clear breakdown which may be mainly on account of aggressive hedging through Nifty 50 derivatives. For Nifty, a clear danger may arise due to a surge in copper and Brent crude prices which should help Nifty completing its immediate target of 18,100.
Nifty 50 Chart
Stocks To Watch
Positive Read Through
- BHEL has been awarded a contract to build a supercritical thermal power plant at Lara, Chhattisgarh.
- DreamFolks – Collaborate to Offer Premium Lounges and Doorstep Visa Services.
- Rail Vikas Nigam – The company was the low bidder for contracts worth Rs 2,562 mn.
- Ajanta Pharma – Received final FDA approval for Topiramate Extended Release Capsules.
- Fortis Healthcare – sets to buy Medeor Hospital in Manesar for Rs. 2,250 mn.
- Ramkrishna Forgings – Secures a large Euro 8.25 mn order in South America
- Natco Pharma – In Delaware-based ISCA company to makes a strategic investment of USD 2 mn
- Andhra Paper – The Hazardous Waste Authorization and Consent to Operate (CTO) have been approved by the Andhra Pradesh Pollution Control Board.
- NTPC: The Company gives investment approval for the Lara Super Thermal Power Project.
- PEL: Buyback opens from today for 1.4 crore shares at Rs 1250/ share via tender offer route (Neutral)
- Apollo Hospitals: Promoter K Visweshwar Reddy revoked a pledge of 2.3 lakh shares on Aug. 29.
Negative Read Through
- Rattan India Power – ABARC-AST-002-Trust (Aditya Birla ARC) sold 41 mn shares at a price of Rs 6.25 each.
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