Market Morning Notes For 19th September 2024
Markets remained under pressure with finally ending with losses of 0.2% ahead of crucial US Fed meeting. With Fed cutting rates aggressively by 50 bps, markets may react positively in initial phase but later is likely to succumb to selling pressure as it would hint of slower growth in the US economy. For Nifty, with evolution of rising wedge setup, the upper resistance for Nifty is seen in the range of 25,575-25,650, while reversal is seen on close below 25,300. Currently, the larger setup in CBOE VIX hints of a meaningful upside towards 33 from currently 18. This would mean the US markets are prone to major downside in the days to come.Nifty 50 ChartStocks to watchPositive Read throughMacrotech – To acquire Ivanhoe Warehousing’s interest in digital infra entities for Rs. 2.39 bn.NTPC – Subsidiary NTPC Green Energy files DRHP for IPO.Power Grid – Successful bidder to establish an inter-state transmission system in Rajasthan.Lemon Tree – Signs license agreement for a new 44-room property in Vijayawada.ION Exchange – Bags contracts worth Rs. 1.61 bn from Adani Power.Restaurant Brands – Promoter sells 2.16 pct stake via block deals, Mirae Asset MF buyer.USL/Radico – Andhra Pradesh cabinet approves a new excise policy with a private retail system for liquor.AB Capital – Gets NOC from RBI for merger of Aditya Birla Finance.BL Kashyap – Bags new order worth Rs. 2.21 bn from SSS Realty.GRSE – Bags order for 4 multipurpose vessels of 7,500 DWT each, order worth USD 54 mn.Aurobindo Pharma – In pact to buy the remaining 49 pct stake in GLS Pharma at Rs 381.12/share.Lupin – Enters into a non-exclusive patent license agreement with Takeda pharmaceutical company.GILETTE – Structural margins have improved in FY24 driven by cost productivity and product innovation.Praveg – Received a LoA from Tourism Corporation of Gujarat Limited for O&M of 30 Bhungas located at Dhordo, Gujarat.Negative Read throughNazara – To raise up to Rs. 9 bn via preferential issue at Rs. 954/ share.IREDA – Government approves dilution of up to 7 pct equity in company via QIP.GE&TD – Promoters to sell up to 15.6 pct via OFS, floor price Rs. 1400/ share.Financial planning platform where you can plan all your goals, cash flows, expenses management, etc., which provides you advisory on the go. Unbiased and with uttermost data security, create your Financial Planning at Rs. 2499/-Disclaimer: The views shared in blogs are based on personal opinions and do not endorse the company’s views. Investment is a subject matter of solicitation and one should consult a Financial Adviser before making any investment using the app. Making an investment using the app is the investor’s sole decision, and the company or its communication cannot be held responsible for it.
