Markets began on a positive note on Monday with Nifty surpassing the psychological mark of 19,500 and formed a doji star on the candlestick along with a negative reversal in RSI. As doji star has occurred after retracing 38.2%, we can expect a major reversal on the breach of yesterday’s low which is placed at 19432. Meanwhile, a negative reversal would also tempt many traders to open short positions in the market with a stop loss of 19,529 on a closing basis. The Brent crude prices have also moved in the breakout terrain with immediate upside seen at USD 100 a bbl and are likely to act as a key trigger to forcing Nifty below 18,000.
Nifty 50 Chart
Stocks To Watch
Positive Read Through
- Ramco Cements: Commissions the balance of 3 MW of waste heat recovery system at the Kolimigundla plant.
- Bombay Dyeing: The Company and Axis Bank settled a dispute over loans of Rs 149 crore.
- BHEL: Company bags order worth Rs 2880 crore for hydropower project.
- KPI Green: The company bags a solar power project order of 9 MW capacity from Gujarat Polyfilms under Captive Power Producer.
- Tata Power: Unit signs power delivery agreement for 26 MW AC Group captive solar plant with Neosym Ind.
- Steel stocks: India’s primary long steel mills once again hike rebar prices.
- IEX: DAM volume increased to 3,810 MU in August ’23 from 3,551 MU, up 7.3% YoY.
- RVNL: JV emerges as the L1 for All civil engineering works worth Rs 174.2 for Vadodara Division of Western Railway.
- Escorts Kubota: To raise tractor prices effective Sept 16.
- Hero MotoCorp announced a Rs 550 crore investment in the rights issue of Ather Energy Private Ltd.
- Cipla will acquire a privately owned consumer health and generic medicine co Actor Pharma.
- Ramco Cements has commissioned the balance capacity of 3 MW of waste heat recovery system out of the 12 MW capacity at the Kolimigundla plant.
- Sona BLW: Completes Acquisition Of 54% Stake In NOVELIC For €40.1 Million.
- D Mart: The Company has opened a new store at Morbi, Gujarat.
- Axis Bank: Fidelity International Buys 22.86 Lakh Shares or 0.07% Stake from Open Market.
Negative Read Through
- Eicher Motors: VE Commercial Vehicles faces export challenges amid South Asian market pressures, says MD & CEO.
- Dreamfolks: Small Cap World Fund Sold 11 Lakh Shares or 2.15% Stake Via Open Market.
- TCNSBRANDS: Nalanda India Equity Fund sold 8.89 lakh shares at Rs 370.0 per share.
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