Dont miss action in these stocks as they are likely to announce bonus shares!

Nifty has staged a remarkable rally since mid-June. It is up by more than 18 per cent since it hit its nadir on June 17. The index has jumped more than 4.5 per cent on an MTD basis.   

Well, the recent upmove in the benchmark Nifty may have left the market overextended and vulnerable to a pullback. As its 14-day RSI, which is a closely watched momentum gauge, is above 83; it is the highest since mid-October and in overbought territory.   

As long as Nifty continues to mark a higher high and does not close below the prior low, it’s likely that it would move as Nifty bulls appreciate cooling of inflation is a step in the right direction as CPI is showing some small signs of receding.   

Meanwhile, all the sectoral indices were seen trading in green. Nifty Metal sector led from the front as it surged over 8 per cent on an MTD basis as steel rebar futures have scaled to a five-week high amidst strong efforts by Chinese regulators to spur economic activity. At the same time, power outages in China’s Zhejiang province interrupted blast furnace operations in the area, which is likely to keep metal stocks in the limelight.   

Apart from metal stocks, there are some other stocks that should be on the market participants’ list as these are likely to consider the issue of bonus shares in the coming days.   

Here is the list of stocks that should be on your watch list:  

Bharat Gears: The meeting of its board of directors is scheduled for August 19, 2022, to consider and approve the bonus issue of shares.   

Insecticides (India): The meeting of its board of directors is scheduled to be held on August 20, 2022, to consider a proposal relating to the issue of bonus shares.  

Madhya Bharat Agro Products: The meeting of its board of directors is scheduled to be held on August 20, 2023, to consider the issue of bonus shares and other business matters.  

Saianand Commercial: The meeting of its board of directors is likely to take place on August 25, 2022, to recommend and approve the bonus issue of shares