Markets remained under pressure on Wednesday on the back of Nasdaq hitting 52-week low and continuous FII selling which forced the Nifty to close around 17000 levels. The India VIX also jumped 7% to end around 21% but still remains under the critical support zone of 22%.
Nifty is likely to test 16671 before it resumes its upmove towards 19867 with India VIX being necessary to trade below 16% for a sustainable up move. The Non-institutional volumes i.e. (Total volumes less (FII+DII)) have been trading around 40000 cr which also provides a major cushion for the market from FII selling and unless this figure does not move below 20000cr, there is no direct threat of a major decline.
The overall view remains positive for a target of 19867 by May end on a positional basis.
Nifty 50 Eq Weight Index
Stocks To Watch
Positive Read Through
- HUL Sales +10% to 13190cr with volumes flat yoy- better vs est vol decline of 2% and est sales growth of 7%
- Reliance Industries – Mukesh Ambani has teamed up with PE giant Apollo Global Management to launch a joint takeover bid for Boots.
- Bharti Airtel has acquired minority stake (7%) in cloud network solutions provider Cnergee Technologies, under the Airtel Startup Accelerator Program.
- TVS Motor signs MoU With Rapido to collaborate by leveraging synergies in the fast-moving mobility market in India.
- S&P revises Adani Electric Outlook to stable.
- Tata Motors has emerged as the lowest bidder in an Indian government tender for 5,450 electric buses worth Rs5000 Cr.
- Lupin, Yabao Partner for Pediatric Drugs in China – Lupin and Yabao Pharmaceutical Co. have entered into a partnership for drugs with pediatric formulations in the Chinese market.
- Dilip, Buildcon wins top bid for Rs. 976 Cr. Jharkhand HAM Projects.
- 3i Infotech has announced a strategic investment in Exium, a pioneer in 5G powered Secure Access Services Edge (SASE) solutions, to help accelerate innovation in cloud-delivered security and digital experience.-
Negative Read Through
- FMCG stocks Focus – Indonesia bans palm oil exports as global food inflation spikes
- Focus on Airlines stocks like IndiGo, SpiceJet – Air India Plans to Acquire AirAsia India
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