Markets for the week ended lower by almost 2% to form a dark cloud cover on the weekly candlestick chart as participants turned cautious ahead of exit polls and most mutual funds raising cash levels in their schemes. After the exit poll clearly stated one sided victory to BJP, markets are poised to open 4% higher towards 23,500. We expect major outperformance coming from Bank Nifty as Bank Bees are already seen accumulation of bullish triangle for an upside target of 9%. For Nifty target expected is around 23,800.
Bank ETF Chart
Stocks to watch
Positive Read through
- Ongc, Ril – Windfall tax on crude cut to Rs.5,200/t from Rs. 5,700/t.
- Coal India – May production grew 7.5 pct, offtake rose 7.2 pct YoY.
- Adani Ports – JV to pick up 95 pct stake in Tanzania terminal for USD 39.5 mn.
- M&M – Tractor sales 5 pct higher vs estimate, auto sales jumped 17 pct YoY.
- TVS Motor – Total sales up 12 pct & 2- wheeler sales rise 13 pct YoY.
- Ashok Leyland – Total sales grew 12 pct, M&HCV & LCV sales rose 12 pct each YoY.
- Escorts Kubota – Total sales tumbled 6 pct YoY but see demand improving.
- Canara Bank – To dilute 14.50 pct stake in its arm Canara HSBC Life Insurance company via IPO.
- Moil – Hikes prices of all ferro grades of manganese ore by 30-35 pct.
- Moschip Tech – Gets contract worth Rs. 5.09 bn from CDAC.
- Ahluwalia – Bags contract worth Rs. 21.57 bn from India Jewellery Park, Mumbai.
- IRB Infra/PNC Infra – NHAI hikes tolls across highways by 5 pct.
- Ashoka Buildcon – Emerged as lowest bidder for the two projects worth Rs. 21.51 bn.
- Bajaj Group – Company Said to plan filing papers for housing finance unit IPO.
- Cochin Shipyard – Company unit gets order in the range of Rs 1 -2.5 bn from Adani Harbor Services.
- NTPC – Says 2nd and last part capacity of 33 MW out of 90 MW Anta Solar PV project declared on commercial operation.
Negative Read through
- Maruti – Sales miss estimates, total sales down 2 pct, exports fell 34 pct YoY.
- Tata Motors – Total sales miss estimate by 6 pct, EV sales drop 4 pct YoY.
- Hero Moto – Sales below estimates, total sales down 4 pct YoY.
- NMDC – May production slips 37 pct & sales fall 22 pct YoY.
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