Markets succumbed to selling pressure on Monday after Nifty in USD terms failed to cross the previous week high and was followed with losses of around 1%. As Nifty 50 has also been trading below 50 DMA for 17 trading sessions, such lower high formation in Nifty in USD terms should be seen as ‘Double Top ‘ formation and should be followed with a downside of at least 16% in the coming days. Crucial levels to watch on a closing basis would be 17312 below which, markets are expected to trigger free fall as historical volatility in Dollex 200 index has also activated a major breakout.
US stocks extended losses on Monday, Dow Jones fell more than 300 points. Investors are cautious ahead of the Fed meeting starting today. Impact of omicron on the global economic recovery is still not clear. Travel shares, cruise operators, and hotel stocks fell the most. Bonds and the dollar climbed, Dollar index at 96.32. Oxford study says that Omicron could hit fully vaccinated.
Stocks To Watch
Ircon : Emerged as the lowest bidder for highway construction project in Punjab for Rs 1,107 crore. Completion period of the project is two years.
TVS Motor : Incorporates TVS Electric Mobility Ltd. as a wholly owned subsidiary to undertake the electric mobility business.
Wipro : Announced Wipro VisionEDGE, an omni channel advertising solution, to expand its sports, retail, transportation, and entertainment offerings.
Vedanta : Company and its group entities have settled retrospective tax with the Indian government following the amendments to the income tax law.
Piramal Enterprises : Approved the amalgamation of Shrilekha Business Consultancy Pvt. Ltd. (subsidiary in which the Company holds 74.95% stake) into Shriram Capital Ltd.
Greenlam Industries : To invest Rs 950 crore over two to three years, towards setting up of a third laminate plant and foray into plywood and particle board business.
BPCL : Ties up with Bhabha Atomic Research Centre to scale-up alkaline electrolyser technology for green hydrogen production. Company added that it has plans to expand its portfolio of renewable energy with solar, wind and biofuels and turn carbon-neutral by 2040.
Stove Kraft : ICRA has reaffirmed both the long term and short term credit rating of the company and has revised the outlook to positive from stable.
Exxaro Tiles : Incorporates wholly owned subsidiary company in the name of Exxaro Ceramic Ltd.
ITC : To hold its first-ever institutional investors and financial analysts’ day starting 10:30 a.m.
PB Fintech : Incorporated wholly owned subsidiary to carry on the business of an account aggregator, which must be licenced by the Reserve Bank of India (RBI). Also approved acquisition of 70.1% stake in MyLoanCare Ventures Pvt. Ltd.
Apollo Hospitals : About 7 lakh shares at Rs 5,050 apiece in a secondary placement are being offered by the seller, according to terms of the deal obtained by Bloomberg News. The floor price is at a 3% discount to the last close of Rs 5,206.7 apiece. The seller has no intention to sell for 60 days after the deal, according to the terms
Crisil : Approved the scheme of amalgamation for merger of its wholly owned subsidiaries, CRISIL Risk and Infrastructure Solutions and Pragmatix Services Pvt. Ltd. with the company.
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