Bank Nifty rebounded from crucial support on Wednesday after Non-Financial stock came under selling pressure while USDINR reactivated monthly breakout on close above 73.60 for a potential target of 77.50. There is a direct negative correlation in USDINR and Bank Nifty and hence we may see wild swings in Bank Nifty in days to come. The Bank Nifty which so far has underperformed the Nifty by 15%, may see trigger for 25% downside if it breaks 35845. In Nifty, critical support is seen at 17214, below which candlestick will confirm major trend reversal.
U.S indices ended lower on Wednesday, led by worries that the Delta coronavirus variant could blunt the economy’s recovery and on uncertainty about when the US Federal Reserve may pull back its accommodative policies. The Dow Jones Industrial Average fell 0.2% to end at 35,031.07 points, while the S&P 500 lost 0.13% to 4,514.07. The Nasdaq Composite dropped 0.57% to 15,286.64. Asian markets fell as investors reacted to the release of China’s August inflation data.
Stocks in news
TCS: Avianca, one of the leading airlines in South America, partnered with TCS to accelerate its journey to the cloud.
Infosys :The company and The Economist Group announced a new strategic partnership designed to enable and accelerate sustainability solutions and drive world-changing impact through a new business-to-business model.
Aurobindo Pharma: The company received US FDA nod for anti-bacterial drug Daptomycin.
Piramal Enterprises: The company arm Piramal Critical Care received US FDA nod for generic of Sedative Precedex.
Suven Pharma: The company received US FDA nod for malaria drug Chloroquine Phosphate.
UCO Bank: RBI lifted Prompt Corrective Action restrictions on UCO Bank.
ONGC: ICRA has assigned ‘AAA’ credit rating for non-convertible debentures (NCD) of the company for Rs 7,500 crore.
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