12th April, Morning Brief

Market may open with a flat note because of weak US market closing and flat Asian cues on geo-political tensions.

Nifty50 slipped to 10355 in the early trade just near to its support of 10350 and recovered smartly to close at 10417.15, just below the intraday high.

A hanging man pattern has been plotted on the daily chart which interprets tussle between bulls and bears. As mentioned yesterday, Nifty50 can be consolidated if it fails to cross and hold above 10450 mark.
10425 is the 50 DSMA on the closing basis.

🎯 News & Impact 🎯

🎯 Dr Reddy's Lab :
US FDA observations
Failed to justify changes made to release criteria for finished API Product.
Incubation for API product not validated for time frames specified in procedure. Failed to ensure corrective actions are completed within closure period.
Failed to ensure equipment used in finished API product is qualified for use.
Cautious over the stock.

🎯 IEX :
Company signed pact with JEPX to jointly explore opportunities in electricity market.

🎯 GMR Infra :
The group will set up aerospace & defence manufacturing hub in Tamil Nadu.

🎯 OMCs :
Indian consortium of BPCL, IOC and HPCL signed MOU with Saudi Aramco to jointly develop and build refinery complex at Ratnagiri, Maharashtra.

🎯 Bhusan Steel :
NCLT reserves orders on resolution plan approval.

🎯 Biocon :
Mylan and Biocon have sought to accelerate introduction of Adalimumab Biosimilar In EU.

🎯 PNB Housing Finance :
Carlyle to sell 10 % in PNB Housing Finance.

🎯 L&T :
It has signed an MoU With BEL To Develop Defence Products.

🎯 IDBI Bank :
RBI Imposes Rs 3 crore penalty for non-compliance with IRAC Norms.

Edited by Sharp.
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