Markets began on a positive note in the April series, but gains were muted as Nifty faced the psychological hurdle of 17500. After Monday’s closing, the Nifty 50 activated a falling wedge breakout which was also corroborated by positive divergence in RSI and RSI breakout. This combination is seen as a crucial trigger for the return of buying momentum with an immediate target seen at 18652 in the next few days. Major short covering is expected after the Nifty 50 crosses the 17500 mark and lower India VIX reading would provide necessary sustainability.
Nifty 50 Index
Stocks to watch
Positive Read through
- Yes Bank Q4 Update- Advances up 11.3 pct YoY and up 5.2 pct QoQ, deposits up 10.6 pct YoY and up 2.1 pct QoQ.
- Adani Ports, handled 32 MMT of total cargo in March 2023, YoY growth of 9.5 pct.
- RIL, ONGC – windfall tax on crude reduced to NIL, diesel SAED cut to Rs 0.5 per litre.
- HDFC Bank – robust YoY deposit momentum at 11 qtr high, CASA up 9.6 pct QoQ.
- Bajaj Finance – AUM growth at 7.15 pct QoQ, best in 4 qtrs, new loans up 20.6 pct YoY.
- HDFC- Loans assigned up 11.63 pct YoY, dividend income up 61.7 pct YoY.
- IndusInd Bank- Advances up 21.3 pct YoY, best in 15 qtrs, deposit up 14.56 pct YoY.
- Britannia- Board approves interim dividend of Rs 72 a share.
- Vedanta- aluminum production flat YoY, mined metal production up 2 pct.
- Marico- recovery in Q4, India volume growth in mid-single digits.
- Federal Bank- deposits up 17.4 pct YoY, advances rise 20.2 pct YoY.
- M&M Financial- Q4 disbursals and collections efficiency strong, disbursals up 55 pct YoY.
- Bandhan Bank- Q4 loan growth strong, up 11.6 pct QoQ, CASA improves QoQ.
Negative Read through
- Bharat Forge- North America Class 8 truck orders fall in March.
- AU SFB- Loan growth rate declines in Q4, cost of funds at 6.29 pct vs 5.97 pct QoQ.
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