Markets succumbed to selling pressure on Monday with Nifty convincingly surrendering below the crucial support of 19,400 with broad based selling seen in midcap and small cap Index. The short trade for Nifty thus remains active for a potential target of 17,000 and a stop loss placed at 19,820. Meanwhile, Bank Nifty too has surrendered below 200 EMA and has activated breakdown from rising wedge which may force prices to dive towards 35,000 in the near future.
Result Today – Axis Bank, Jubilant Foodworks, Tech Mahindra, Dreamfolks
Nifty 50 in JPY and Bank Nifty
Stocks to watch
Positive Read through
- Torrent Ph – India business sales rises by 18 pct, US sales below estimates at USD 30 mn.
- Lupin – Gets US FDA nod for Fluconazole tablets, Market size at USD 43 mn.
- Reliance – According to Bloomberg, company nearing a deal to buy Disney’s India operations.
- Oil Marketing Company – Crude comes off recent highs, Brent back below USD 90.
- Delta Corp – HC asks DG GST not to pass Final orders on tax notice.
- Kaya – Board approves Rs. 3,000 mn fund raise via Rights Issue.
- PNB Housing – GNPA reduces to 1.78 pct, NIM rises by 9 bps QoQ.
- KRBL, LT Foods – Govt may cut minimum export price for basmati rice to USD 950/T.
- Kewal Kiran – Sales rises by 16 pct, margin increased by 140 bps to 23.5 pct YoY.
- BHEL – Appointment Committee of Cabinet approves Koppu Murthy as Chairman and MD.
- Sugar Stocks – Global Sugar prices surged to 12 years high.
- Indian Hotels – To mull equity issue via preferential allotment.
Negative Read through
- SBI Cards – Sept average spends at 4-month low of Rs. 13,996.
- Vedanta – Ajay Goel comes back after a few months of resigning, is appointed CFO.
- Siemens – Files petition at HC with respect to GST tax notice of Rs. 2,470 mn.
- Mahindra Logistics – Festive season shift impact business, margin declined by 1.2 pct.
- Visa Steel – Trinity Opportunity Fund selling its entire shareholding of 4.707 mn shares.
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