Market Morning Notes For 13th June 2024

Markets formed tri-star doji after prices traded in a narrow range but came off the day’s high to finally settle with modest gains. As Nifty is firmly trading above channel breakout, we expect next leg of the upmove to extend towards 24,650 based on the channel projection. The tri-star doji pattern occurs after a sustained uptrend or a downtrend. It is crucial that there is a clear trend for this pattern to be considered a reversal signal. The tri-star doji pattern is relatively rare, so traders need to be patient and combine this signal with other analysis methods to make informed decisions. In the current context, since tri-star doji has appeared during a non-linear trend, hence expect market to turn trending from today onwards with bias remaining positive.

Nifty 50 Chart

Stocks to watch

Positive Read through

Nestle – Board approves continuation of 4.5 pct royalty payment to parent company for 5 years.

DRL – Arm signs license agreement with US-based Ingenus for cyclophosphamide injection.

L&T Fin – Bain Cap, BNP Paribas to sell 3.54 pct stake via block, floor price Rs 169.17/sh.

Gensol Engg – Successful bidder for a 250 MW battery energy storage project worth Rs. 13.40 bn.

Bondada Engg – Gets LoA for a project worth Rs. 9.39 bn from NLC India.

Sobha – Board approves rights issue to raise up to Rs. 20 bn, issue price Rs. 1,651/sh.

Whirlpool – Joint marketing agreement with HUL for top load washing machines & Surf Excel.

360 One – To acquire Moneygoals Solns for rs 3.66 bn via cash & stock.

Tata Power – Enabling e-Mobility across 30+ bus depots for state transport corporations like DTC, BEST, BMTC, JSCL, SSCL, BRTS-AJL through OEM partnerships.

Glenmark Pharma – Receives nod from the U.S. FDA to market a generic medicine to treat heartburn.

Amber Ent – Company Acquired Additional 4.6 pct Equity Stake in II Jin Electronics, India.

Kalyani Cast Tech – Company receives order of Rs. 800 mn.

Negative Read through

Life Ins Co’s – IRDAI releases final surrender value norms, largely similar to many proposal.

PTC India – CMD barred from board post, fined by SEBI in PIC India Fin matter.

Arvind – Strike at Santej unit called off, expected EBIDTA loss of Rs. 600-650 mn.

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