Indian markets remained nervous on Thursday ahead of US CPI numbers with the Nifty 50 ending with losses of 0.6% but sustained above the 200 EMA. The initial reaction of US markets when they opened for trading was negative after US CPI numbers came higher than expected. US indices however reversed losses to end higher by more than 2% after the announcement of Fed Swaps price in the peak policy rate of 4.85% in March 2023 which led to a sharp fall in the Dollar.
With an expectation of a gap-up opening in SGX Nifty, a move above 17235 should be seen as a breakout from the ‘Broadening Descending wedge’ which projects an immediate upside towards 18800 and may trigger a major short covering in the coming days. Adding to it, the previous week’s candle turned out to be a bullish green candle, and hence it is likely that the current week’s close may also end in the positive terrain i.e. above 17315.
Key Results today- Shree Cement, Bajaj Auto, Tata Elxsi
SGX Nifty Futures
Stocks to watch
Positive Read through
- Coal India Signs MoU to Set Up 1,190 MW Solar Plant in Rajasthan.
- Infosys Hikes Sales Outlook, Defying Recession Fears. Expects revenue to grow by 15%-16% vs 14%-16% in FY23.
- Reliance Said to Be Sole Bidder For Metro’s India Business.
- HDFC Life Insurance Gets IRDAI’s final approvals for Exide Life merger with the company.
- NLC India is in a pact with BHEL for lignite gasification technology.
- NMDC- Record date of Steel plant demerger fixed at October 28.
- Mindtree Q2 results deliver a beat on all parameters, with dollar revenue up 5.7%.
- Aurobindo- USFDA mod for Ethinyl Estradiol used to prevent pregnancy.
- SPARC- 2 investigational new drug filings targeted by FY24.
Negative Read through
- Cyient 2Q net income -35% Y/y to 791m rupees, mises est. 1.2b; revenue +26% to 14b; to pay INR10/share dividend.
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