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Research Periodic Report Reliance Industries Soars, Coal India Faces Setback, Wockhardt Receives Investor Boost and more

Reliance Industries Soars, Coal India Faces Setback, Wockhardt Receives Investor Boost and more

Written by - Fisdom Research

March 27, 2024 4 minutes

Technical Overview – Nifty 50

The Benchmark Index witnessed a gap-down opening after a long weekend and the prices continued to hover below 22,100 levels for most of the time. Overall it was an inside-day trading session where it traded within its previous day’s trading range and drifted near 22,000 levels. 

The Nifty50 is hovering below its 9 & 21EMA and prices have closed below the same. The Benchmark index on the daily chart is trading in an upward-rising channel pattern and the recent correction prices have taken support near the lower band of the pattern.

Technically, the Index is presently trading near its make-or-break levels, a breakdown below 21,800 triggers downside targets, and a breakout of about 22,200 will trigger upside targets.

Technical Overview – Bank Nifty

The Bank Nifty Index witnessed a gap-down opening after a long weekend and the prices continued to hover below 46,800 levels for most of the time. Overall it was an inside-day trading session where it traded within its previous day’s trading range and drifted near 46,600 levels. 

The Banking Index is hovering below its 9 & 21 EMA and prices have closed below the same. The Bank Nifty on the daily chart is trading in an upward-rising channel pattern and the recent correction prices have taken support near the lower band of the pattern and moved higher.

Technically, the Banking Index is presently trading near its make-or-break levels, a breakdown below 46,000 triggers downside targets, and a breakout of about 47,000 will trigger upside targets.

Indian markets:

  • The Sensex and the Nifty halted a three-day bull run, closing lower on March 26 amidst increased volatility ahead of the monthly F&O expiry.
  • Analysts anticipate the market to maintain a sideways trajectory during the holiday-shortened week as the financial year 2023-24 draws to a close.
  • Despite worries about ‘frothy’ valuations, there was some buying activity in the broader markets.
  • The Nifty Midcap 100 and Nifty Smallcap 100 indices both saw gains of up to 1 percent on February 26th

Global Markets:

  • European markets displayed volatility on Tuesday as investors reflected on recent central bank policy decisions in both Europe and the U.S.
  • The benchmark Stoxx 600 index showed a slight increase of 0.1% by 10:20 a.m. London time, recovering from a marginal decline earlier in the morning.
  • Travel stocks saw a rise of 1%, while mining stocks experienced a loss of 0.46%.
  • In Asia-Pacific markets, there was a mixed performance on Tuesday, with the U.S. market pausing after a rally triggered by optimism surrounding the Federal Reserve’s stance on interest rates in its recent meeting.

Stocks in Spotlight

  • Adani Power experienced a decline following the disclosure of a fresh litigation issue. The Maharashtra State Electricity Distribution Company (MSEDCL) initiated legal action by filing a petition with the Maharashtra Electricity Regulatory Commission (MERC). The petition concerns the calculation methodology for domestic coal transportation costs.
  • Ambuja Cements made a significant acquisition by securing a majority stake of 56.74 percent in a Gujarat-based cement company, with a total enterprise value of Rs 5,000 crore. Furthermore, in a separate transaction, the promoter group sold their remaining 57 lakh equity shares, amounting to 2.23 percent of the company’s shares.
  • JSW Energy’s shares rose by 2.5 percent following an announcement from its subsidiary regarding an acquisition. The subsidiary, JSW Renewable Energy (Coated), a part of JSW Neo Energy and a subsidiary of JSW Energy, revealed plans to purchase a 45 MW Vashpet wind project from Reliance Power in Maharashtra. The acquisition, valued at Rs 132 crore after adjusting for net working capital, adds renewable energy generation capacity to JSW Energy’s portfolio.

News from the IPO world🌐

  • TATA Sons eyes mega monetization of assets via stakes sale, IPO
  • SRM Contractors sets IPO price band at Rs 200-210 per share; issue to open on March 26
  • Trust Fintech sets IPO price band at Rs 95-101; issue to open on March 26

Daily Leader board:

Sectoral Performance

Top SectorsDay change (%)
NIFTY REALTY1.6
NIFTY OIL & GAS0.7
NIFTY CONSUMER DURABLES0.5
NIFTY HEALTHCARE INDEX0.4
NIFTY METAL0.4

Advance Decline Ratio

Advance/DeclinesDay change (%)
Advances1415
Decline2545
Unchanged140

Numbers to track

Indices NameLatest% 1D% YTD
Dow Jones (US)39,3140.4 %5.9 %
10 Year Gsec India7.10.5 %(0.3) %
WTI Crude (USD/bbl)821.6 %17.1 %
Gold (INR/10g)65,8650.3 %2.9 %
USD/INR83.41(0.2) %(0.1) %

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