Markets surged on Thursday to close at the highest point of the day on the back of FII buying with Nifty activating the ‘Rising Three Method’ breakout while Bank Nifty gained 2% to close comfortably above the 40000 mark. After yesterday’s up move, the Nifty 50 Index has re-entered above the breakout line with upside potential seen at 19867.
We expect aggressive buying from FIIs in the next few days on the back of a sharp drop in brent crude prices and Bank Nifty would act as a catalyst for Nifty’s journey beyond the all-time high in the coming days.
US stocks closed higher after a volatile session, Investors digested remarks from Fed chair Jerome Powell and ECB President Christine Lagarde about the need to bring down inflation to its respective target
Nifty 50 Chart
Stocks to watch
Positive Read through
- Samvardhan Motherson signed a long-term agreement with DICV for the supply of the complete frame assembly.
- PNC Infratech: Company signs agreement for a HAM project worth Rs 1,458 cr.
- Equitas Holdings shareholders approve the scheme of amalgamation between the company & Equitas SFB.
- Kaveri Seed: Massachusetts Institute of Technology bought one lakh shares or a 0.14% stake.
- Hatsun Agro: SBI Mutual Fund bought additional 15.2 lakh shares or a 0.7% stake in the company.
- NTPC: Have entered into an agreement to supply Renewable Energy to Armed Forces.
- Mahindra & Mahindra: will drive in its first electric sports utility vehicle – XUV 400 – early next year.
- Tata Power will set up a 100 MW solar power plant for Viraj Profile in Maharashtra.
- Websol Energy: Says Jv to have a pact with AMP Energy to sell up to 50% output.
- Alkem Labs: Company gets US FDA nod for Tolvaptan.
- HDFC: The private sector lender has mobilized Rs 3,000 crore from bonds to fund business growth.
Negative Read through
- Rice exporters: Government Levies 20% Export Duty On Non-Basmati Rice Effective Sept 9
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