Markets traded cautiously on Tuesday ahead of the U.S Fed policy meet on Wednesday evening with the Nifty partly parring the previous week gains to close below 16500. However, with the formation of the ‘Bullish hold line’ pattern in the previous week candlestick chart, we can expect weekly closing to turn flat or in the green as observed in most cases.
This along with the flag breakout in Bank Nifty clearly confirms that the market is positioned for Wave (iii) of 5 in days to come which may start with a rising gap of 1.5-2% in the near term. We expect markets to gain momentum once Sensex regains its control of 55,466 which would turn out to be key levels to watch out for.
Bank Nifty weekly closing & BSE Bankex in Euro
Stocks to watch
Positive Read through
- L&T- Infra, IT & Tech lead Q1 earnings, guidance maintained
- Bharti & RIL- 5G spectrum auction bids see bid of Rs. 1.45 lakh Cr. On day 1
- Wipro- 5 yr strategic engagement with Nokia, to drive digital transformation
- HDFC Life- To consider raising funds via a preferential issue on July 29
- Zydus Life- Final approval for US FDA for Bisoprolol Fumerate Tablets
- Piramal Enterprise- RBI nod to begin NBFC business without accepting public deposit
- Axis Bank- CCI approves acquisition of Citi Bank’s retail assets in India
- Defense Companies- Gov. approves Rs. 28,738 Cr. Arma procurement proposal
- Shoppers Stop- EBITDA at Rs. 162.5 Cr. Vs EBITDA loss of 63 Cr.
- KEI Industries – Revenue up 54%, margins at 10.2% vs 11.2%
Negative Read through
- USL- Earnings below estimate, margins at 13% vs poll of 13.1%
- Tata Power- Revenue up 48%, margins at 13.3% vs 21.9%
- Zomato- Share worth Rs. 205 Cr. change hands in the last 2 days
- Relaxo- EBITDA up 30%, margins at 12.9% vs 13.3%
- EPL- Revenues up 4%, margins at 15.1% vs 18.1%
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