Srinagar, Apr 18: After three consecutive trading sessions of declines following record highs, market experts anticipate the indices may enter a consolidation phase. Immediate support is seen at 22,100 for the Nifty 50, which coincides with the 50-day exponential moving average. The key support level is the 22,000 mark, aligning with an upward-sloping trendline.
If the market bounces back, the 22,300-22,400 range is expected to act as resistance on the upside. The formation of a spinning top candlestick pattern, though not a classic one, after the recent downturn suggests the market may attempt a recovery. However, analysts are advising a sell-on-rise strategy as sentiment remains bearish.
On Monday, April 16th, the BSE Sensex plunged 456 points to 72,944, while the Nifty 50 fell 125 points to 22,148. Markets were closed on Tuesday for Ram Navami.
7 Buzzing Stocks:
Ambuja Cements: The Adani family fully subscribed to Ambuja’s warrants program by infusing Rs 8,339 crore, totaling Rs 20,000 crore. Their stake rose 3.6% to 70.3%. Ambuja aims to double capacity to 140 MTPA by 2028.
Vodafone Idea: Raised Rs 5,400 crore from institutional investors like GQG, Morgan Stanley, and HDFC MF via an anchor book before the FPO opening.
Power Grid: Won projects to establish inter-state transmission for renewable power evacuation in Gujarat and Rajasthan on a BOOT basis.
Paytm: Received NPCI approval to transition ‘@paytm’ UPI handles to banks like Axis, HDFC, SBI, and Yes Bank for seamless payments.
Adani Enterprises: Subsidiary formed JV in Singapore with King Power for retail/wholesale business.
Biocon: Signed deal with Brazil’s Biomm SA to commercialize vertically integrated Semaglutide drug for type 2 diabetes.
HDFC Bank: Board to consider annual renewal of long-term bonds and debt instruments issuance on April 20.
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