The market remained range-bound on Wednesday with Nifty and Bank Nifty ending in marginal negative terrain while the breadth of the market remained positive.
At the current juncture, for the up move to sustain, the leadership should change to Bank Nifty as the ratio of Bank Nifty to Nifty is attempting a major breakout.
We can expect 16123 to act as crucial support on a closing basis below that the short-term momentum could again turn weak. The overall setup suggests that the market has entered in bottoming out zone so volatility is likely to prevail unless it posts weekly closing above 16123.
Expects the market to open on a soft note on account of the sharp decline across the global markets. Oil prices declined 4% to below $110/bbl on Wednesday even after data showed an unexpected drop in U.S. crude stockpiles.
Results today– Ashok Leyland, Bosch, Dr. Reddys, Gland Pharma, Godrej Consumer
Nifty 100 weighted Index & Ratio of Bank Nifty to Nifty 50 Index
Stocks to watch
Positive Read Through
- JK Tyre has launched 4 new offerings in their Off-the-Road Tyre Segment at Excon 2021 in Bangalore.
- Aurobindo Pharma says U.S. FDA Concludes Assessment With ‘No Remaining Deficiencies
- Aster DM Healthcare has collaborated with Skye Air Mobility to deliver diagnostic samples and medicines using the technology.
- ITC’s 4QFY22 income is in line with expectations. Net revenue was up 16.8% YoY, EBITDA grew 16.8% YoY while adj. PAT grew 11.8% YoY to Rs. 4190cr
- Adani Enterprises Sets Up Unit for Healthcare Services Business
- Power Grid Wins Bid for Uttar Pradesh Transmission Lines
- RIL to submit a bid for British medical retail chain Boots by month-end
- Adani Group enters healthcare, and will set up medical and research facilities
- Ruchi Soya acquires Patanjali Ayurved’s food business for Rs 690 crore
- JSW starts exclusive talks to buy renewables company Mytrah Energy, Mytrah has built over 1,800 MW of assets spread across 17 wind farms and 21 solar farms
Negative Read Through
- Lupin announced lower than expected Q4 results. The company reported a Q4 loss of Rs518cr vs a profit of Rs460cr. North American sales are down 5.3% YoY.
- Pidilite announced inline with expected Q4 results but Ebitda below estimates.
- Bharat Petroleum India’s Biggest Privatization Shelved for Now as Bidders Exit
- Granules India 4Q Net Income Misses Estimates.
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