Markets for the month had highly volatile trade on the back of a hawkish reaction by the US fed with Nifty ending lower by 4% while Bank Nifty trimmed lost 2% despite USDINR surging by 2.5%. The emergence of the ‘Bullish Engulfing line’ pattern on Friday has major significance as it has appeared near long-term support of 200 DMA and also has followed with ‘8 Bar Reversal’ in Sensex & Bank Nifty.
The ‘8 Bar Reversal’ which is caused by 8 consecutive lows without a meaningful high implies the market belly is 80% full in a downtrend and often follows with a major reversal. Adding to it, the above estimates GST and Auto numbers are seen as positive triggers for Indian markets at a time when global markets are facing the risk of major Swiss-based bank failure.
BSE Sensex & Bank Nifty
Stocks to watch
Positive Read through
- UltraTech, JSW is in a race to acquire India Cements’ project in Madhya Pradesh, which is valued at Rs 800 cr.
- LTTS joins hands with Qualcomm for solutions in the 5G private network industry.
- Motherson Sumi Wiring’s board approve a bonus issue and will issue 2 bonus shares for every 5 shares held.
- Rail Vikas Nigam wins a contract of Rs 408 cr from NHAI, for the construction of a four-lane highway in Andhra Pradesh.
- Bajaj Electricals bags order worth Rs 332 cr from the Power Grid.
- Oil India, RIL, ONGC- Windfall tax on a crude production cut to Rs 8000/ton from Rs 10,500/ton.
- Oil India, ONGC- Gas price hike to add value worth 35-40% of current prices.
- Ashok Leyland- Total sales up 84% YoY at 17,549 units vs 9,533 units YoY.
Negative Read through
- Suzlon Energy founder Tulsi Tanti passes away after cardiac arrest, on the night of October 1.
- IGL, MGL, Guj Gas- Gar prices hiked to USD 8.57 per mmbtu for H2FY23.
- Karur Vysya- Q2 CASA ratio at 35.2% vs 36% YoY and Vs 36.4% QoQ.
- Hero Moto- total sales down 2% YoY at 5.19 lakh units vs 5.30 lakh units.
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