Markets on Tuesday remained range bound with Sensex closing above 50 DMA on back of gains from commodities stocks while Bank Nifty remained underperformer and continued to remain lower below 44170 i.e. the 50 DMA. In the past few days, gains in Nifty has been on the back of rising India VIX index and with India VIX crossing above 12% mark which is 200 EMA, there is a risk of sudden surge of volatility in the near term. On short term scale, Sensex has also given signs of RSI negative reversal which are generally associated with retracement rebounds. In the current context of Sensex where RSI forms higher high but Sensex fails to provide similar confirmation, may act as a major reversal if Sensex fails to cross its intermediate high of 66,592. We expect neutral trend to prevail at current moment but may turn negative on close below 65,637 in Sensex i.e., 19690 in Nifty.
Sensex 30 Chart
Stocks to watch
Positive Read through
- HAL -Indian Air Force issues tender to HAL for buying 12 Su-30 MKI fighter jets.
- Coal India – FY24 volume Target at 780 mt, has taken cost reduction initiatives.
- Aurobindo – Arm gets US FDA nod for Efbemalenograstim Alfa injection.
- HAL -Indian Air Force issues tender to HAL for buying 12 Su-30 MKI fighter jets.
- Coal India – FY24 volume Target at 780 mt, has taken cost reduction initiatives.
- Aurobindo – Arm gets US FDA nod for Efbemalenograstim Alfa injection.
- Indigo – Domestic traffic hits record high for 3rd day, up by 11 pct in October.
- GMR Power – Acquires additional stake in arm GMR Energy for USD 28.5 mn.
- NHPC – Critical head race tunnel works at Teesta project, Sikkim resume.
- Signature Global – Astorne Cap sold 1.1 mn shares at Rs. 725/Sh via Block, Nomura buyer.
- Ganesha Eco – Board meet on November 24 to consider fund raise.
- BPCL – Board meet on Nov 29 to consider interim dividend for FY24.
- Lupin – Gets tentative US FDA ANDA nod for dapagliflozin tablets.
- Wipro – Collaborate with NVIDIA to help healthcare companies.
Negative Read through
- TCS – Loses epic Sys lawsuit case, to make an exceptional provision Of USD 125 mn in Q3.
- Texmaco – Launches QIP, Sources say, to raise up to Rs. 950 mn, issue price at Rs. 129.1/sh.
- Allcargo – Monthly volumes at an 8- month low, LCL volume declined by 4 pct YOY.
- IDBI Bank – Govt cancels bid for appointing asset valuer, fresh RFP to be issued.
- Fortis – IHH Healthcare unit sues Daiichi Sankyo over Fortis deal.
- Shalimar Paints – Acuite Ratings has downgraded its ratings on the bank facilities of the Company.
- KJ Paper – Gets income tax and penalty demand worth Rs 656 mn for AY20-21.
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