October 5, 2024

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Market Morning Notes For 9th September 2024

Market Morning Notes For 9th September 2024

Markets for the week confirmed major reversal with formation of bearish engulfing pattern on weekly candlestick and was followed with Nifty breaching key psychological support of 25,000 mark. Currently Nifty 50 has completed expanding triangle setup on daily basis and since prices were unable to breach the upper resistance line, the implication remains highly bearish. Similar expanding triangle top also occurred in Nikkei index recently where Indices corrected more than 25% in short span of time. Overall view remains cautious in near term with immediate target seen towards 22,800.Nifty 50 Chart Stocks to watchPositive Read throughBritannia – Gets approvals for capacity expansion at Ranjangaon plant, investment Rs 3 bn.Indigo Paints – Peak XV Partners sells entire 25 pct stake via blocks, HDFC MF among buyers.Ami Organics – PMDA Japan declares Sachin, Surat facility as GMP compliant.Jio Fin – JV with Blackrock to undertake investment advisory business.HUL – Forms committee to evaluate future of Ice Cream business.Marico – Acquires remaining 40 pct stake in Apcos Naturals for Rs. 700 mn.Suven Pharma – US FDA classifies arm’s manufacturing unit in Hyderabad at VAI, issue EIR.Mazagon – Bags order worth Rs. 14.86 bn from ONGC.Shriram Pistons – Promoters sell 3 pct stake via blocks, Tata MF, Astral Indian Equity among buyers.PC Jewellers – Kotak Mahindra Bank accepts one- time settlement proposal submitted by company.ION Exchange – Bags order worth Rs. 1.68 bn from Technimont SpA Italy.Deep Ind – Bags order worth Rs. 14.02 bn for production enhancement operations from ONGC.Zaggle – Agreement with FCM Travel to offer corporate travel services to the company.Godfrey Phillips – Shareholders reappoint Bina Modi as MD of company.Spice Jet – Carlyle to convert part of company’s dues into equity, airline now owes USD 97.5 mn.Senco – Gets Corporate Affairs Ministry nod to incorporate arm Sennes Fashion.Negative Read throughMetro Brands – Promoter sold 2.2 pct, stake via blocks, Kotak MF, Invesco among buyers.Granuels – US FDA issues 6 observations for company’s Gagillapur facility in Hyderabad.LIC – Gets tax order, penalty order worth of Rs. 2.29 bn.Mangalore Chem – Shuts down ammonia & Urea plants to replace reformer catalyst.Mining Stocks – Iron ore falls below USD 90/tonne for 1st time since November 2022.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.

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