Markets witnessed a euphoric upmove in broader markets especially the midcap and small-cap segment despite USDINR crossing above 83 and Brent trading above 90$. A similar euphoric phase in the midcap and small-cap phase was witnessed in 2008 when the monthly RSI displayed V-divergence from the overbought zone and prices followed with a steep decline. Currently, Brent crude prices have crossed a crucial hurdle of 90$ and should force short covering to 107$ in next few days. For Nifty 50 , watch for 19432 in the spot market for reopening short positions. The underperformance of Nifty 50 compared to broader markets is a matter of major concern as Nifty 50 derivates are often used to structure short positions before a massive decline.
BSE Midcap Index
Stocks to watch
Positive Read through
- ONGC, OIL – Crude reaches a 10-month high as Saudi Arabia and Russia prolong output cuts.
- Power Grid – Bags 20 GW transmission system project from the Rajasthan government.
- Vedanta – The Zambian government has returned control of the disputed Konkola copper mines.
- Bharat Forge – Class 8 truck orders in North America are up by 14.1 pct MoM.
- Voltas – Positive management remark; the company aspires to be one of the top three consumer brands.
- Tata Power – Tata Power Renewable Energy Partners for 12 MW Solar Project.
- Bikaji – Lighthouse India Fund sells 1.3 pct of its total 2.7 pct position at Rs 480 per share.
- Safari Ind – SBI Life buys 0.9 pct and Investcorp PE sells 0.9 pct at Rs 3,775 per share.
- NBCC – State Housing Board of Kerala has awarded Rs. 20,000 mn project to the company.
- Shree Infracon – Orders bags worth Rs 1,016 mn from Nila Infra.
- Syrma SGS – Completes acquisition of 51 pct stake in Johari Digital Healthcare.
- Jio Fin Services – To be excluded from Nse Indices effective 7 September.
Negative Read through
- HDFC AMC – Amaresh Jena resigns as marketing head effective 8 September 2023.
A financial planning platform where you can plan all your goals, cash flows, expenses management, etc., which provides you advisory on the go. Unbiased and with uttermost data security, create your Financial Planning at Rs. 1499/-
Disclaimer: The views shared in blogs are based on personal opinions and do not endorse the company’s views. Investment is a subject matter of solicitation and one should consult a Financial Adviser before making any investment using the app. Making an investment using the app is the investor’s sole decision, and the company or its communication cannot be held responsible for it.
