Slow but steady, the peace talks in Washington moves forward
Markets
in Asia pacific rallied on Monday amid hopes for a swift resolution to the
Russia-Ukraine war, especially after Trump met Russian President Vladimir Putin
last week. But Trump signaled a long road towards reaching a peace deal on
Monday, denting hopes for a quick resolution.
The
benchmark Indian equity indices closed higher on Monday, Aug. 18. Shares of
Maruti Suzuki, Hero MotoCorp and and Bajaj Auto contributed positively to the
index. The NSE Nifty 50 ended 245.65 points or 1% higher at 24,876.95 and the
BSE Sensex ended 676 points or 0.84% up at 81,273.75. The FPIs bought stocks
worth approximately Rs 551 crore, according to provisional data from the
National Stock Exchange.
Fundamental Update
- Reliance Industries - Reliance Jio discontinues
its entry-level 1 GB per day plan of Rs 209 for 22 days and Rs 249 for 28 days.
Positive
- Hindustan Zinc - The company approved the setup of a
10 MTPA tailings reprocessing plant. The new plant, with a capacity of 10 MTPA,
will be developed with an investment of up to Rs 3,823 crore. Positive
- Trent - The company launches its first-ever
store of the brand ‘Burnt Toast’ in Surat. Positive
- SBI Cards - The company launched the Bank of
Maharashtra. Positive
- NIFTY – Nifty zoomed past 17 and 50 day EMA
yesterday amid likely GST cut announcement and closed at 24,876 on Monday.
Index relinquished some of earlier gains in the morning whereby support now
shifts at 50 day EMA of 24,810 while 25K is near term resistance. Today’s range
24,800 – 25,000.
- BANKNIFTY – Bank nifty too surged in the morning
but gave up some of the gains and settled at 55,734 on Monday. Index tad higher
to 17 day EMA at 55,700 while 56K is near term resistance. Today’s range –
55,500 – 56,000.
Disclaimer: This report is prepared by an analyst who has exercised due diligence in
checking the correctness and authenticity of the information before publishing
research report. We shall not be in any way responsible for any loss or damage
in analysis or views obtained from the use of information contained in this
report and especially states that we have no financial liability whatsoever to
the user of this report.
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