Markets ended on a flat note yesterday after initial jitters as the Nifty clawed back above the key resistance of 17500 with the Financial and Metal sector outperforming the key indices.
In the past few days, the Nifty has seen a base building above 17250 which is the catalyst of the major upswing of 8-10% in days to come, and the trigger for the same has been a sharp drop in inflation numbers in the US to 8.5%.
For Nifty, the immediate target is seen at 18612 and we expect major short covering in Nifty call options when Nifty crosses above 17700.
Spread of Nifty 50-Nifty 500 Index.
Stocks To Watch
Positive Read Through
- Tata Consumer- Q1 largely in line, strong internals in food and new business
- Eicher Motors- results slightly better than estimates, margin up 600 bps
- Coal India- revenue Ts 35,092 cr vs Rs 31,516 cr expected, blended realizations up 26 pct YoY
- City Gas cos- Govt raises domestic gas allocation to 94 pct of the total requirement.
- Zydus Life- retains 20 pct plus margin target, to launch Revlimid in coming qtrs.
- Aarti Industries- revenue up 50 pct YoY, margin 18.7 pct vs expected of 10 pct
- SAIL- Q1 earnings higher than estimates, sales volume at 3.15 mt
- Airlines- Govt decides to remove airfare caps
- IRCTC- revenue up 250 pct, EBIDTA up 188 pct, margin at 37.6 pct
- Oil India- revenue up 36 pct, margin at 54 pct vs 57.6 pct QoQ
- JMC Projects secures new orders of Rs 1,524 Cr
Negative Read Through
- Glenmark- earnings slightly below estimates, margin 15.5 pct vs expected 17.3 pct
- PB Fintech- existing business revenue down 4 pct, new initiatives revenue down 13 pct QoQ
- Medplus- Revenue up 4 pct, margin at 5.3 pct vs 10.1 pct YoY
- KIMS- margin sees slight dip, occupancy at 65.5 pct vs 73.9 pct QoQ
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