Markets for the week ended with gains of 0.5% after Bank Nifty failed to cross crucial hurdle of 50 DMA and was followed with major selling on Friday. The Nifty future premium suddenly disappeared on Friday trading session due to volume-based selling on Friday thus confirming a setup of Head & Shoulder Top. The escalation of war between Israel-Hamas may have serious impact on Oil prices if Iran enters war to support Palestine, which has risk of blocking supply of Oil from Strait of Hormuz forcing Brent Oil to trade beyond USD 200 a bbl. For Nifty futures, the neckline of Head & Shoulder is seen at 19,400 below which we immediately expect Nifty futures to test 18,366.
Result Today – HDFC Bank, Federal Bank
Nifty Futures chart
Stocks to watch
Positive Read through
- Tata Motors – To sell 9.9 pct stake in Tata Technologies To TPG Rise Climate.
- ONGC – Crude rises by 5 pct, Brent back above USD 90/bbl.
- Dalmia Bharat – Q2 volumes in-line with estimates at 6.2 mt, earnings above estimates.
- PVR-INOX – To screen India’s Cricket WC matches live, launches monthly plan at Rs 699.
- Bajaj Elec – Gets Transmission Lines Project of Rs. 5,640 mn from Power Grid.
- NBCC – Gets work order worth Rs. 800 mn from Visakhapatnam Port Authority.
- Sunteck Realty – Pre-sales up by17.2 pct YoY, To launch 2 new large projects.
- Apollo Hospitals – Sets to open Speciality Boutique Hospital at GK1 in New Delhi – Apollo Cradle Royale.
- Laurus Labs – ImmunoACT gets CAR-T Cell Therapy, NexCAR19 nod from CDSCO.
- Texmaco Rail – EBITDA rises by 6 pct YoY, To de- merge Rail & Green Energy Infra Business.
- Tata Steel Long – Q2 volumes lower sequentially, margin compress QoQ,
Negative Read through
- Adani Ent – Min of Corp Affairs has initiated an investigation on accounts of its 2 Mumbai airports.
- Avenue Supermarts – Gross margin pressure Continues, profit declined by 9 pct YoY.
- Delta Corp – Gets new tax payment notice of Rs 63,840 from DG GST.
- Godrej Prop – Arm gets GST demand & penalty notice of Rs 966.2 mn.
- NHPC – Company estimates loss/damage of Rs. 7880 mn caused by flash floods at Teesta basin.
- GTPL Hathway – Q2 EBITDA declined by 1 pct, Margin came at 17 pct Vs 21 pct YoY.
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