Ravi Bhatt
Sebi Registered Research Analyst - INH000012591
Website - www.capsavaj.com
Indian markets look for rebound on GST reforms launch pad
In
the early morning, the GIFT Nifty is trading 88.5 points or 0.36% higher at
24,914, indicating a positive start for the benchmark Nifty 50. US and European
equity futures also rose in early trading in Asia. Earlier on Friday, the NSE
Nifty 50 settled 6.7 points or 0.03% higher at 24,741 and the BSE Sensex closed
7.25 points or 0.01% lower at 80,710.76 on Friday.
The
Nifty fell much as 0.46% during the day, while the Sensex dropped 0.49% In the
Asian market, the yen dropped and Japanese stocks advanced after Prime Minister
Shigeru Ishiba announced over the weekend that he intends to step down. The
currency slid as much as 0.7% against the dollar. Australian stocks fell in
early trading, tracking moves on Wall Street.
Fundamental Update
- ACME Solar Holdings - The company is acquiring a
100% stake in AK Renewable Infra for Rs 79.25 crore. Positive
- Max Estate - The Board of Directors has approved
the acquisition of Base Buildwell for development rights of a 7.25-acre land
parcel in Gurugram. Positive
- Adani Power - The company, along with Druk Green
Power, has signed an agreement to jointly set up a 570 MW hydroelectric project
at Wangchhu in Bhutan. Positive
- CESC - The company aims to double its net
profit within the next five years. Positive
Technical Update
- NIFTY – Nifty could not hold early gain and
settled marginally lower at 24,743 on Friday, a loss of 45 points. Index is
near 17 day EMA at 24,740 and likely to cross 50 day EMA of 24,800. Today’s
range 24,65s0 – 25,000.
- BANKNIFTY – Bank nifty too could not sustain
early gain and settle above 54K at 54,117 on Friday. Index is likely to
continue upward march towards 17 Day EMA of 54,750. Today’s range – 53,800 –
54,750.
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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