Markets cooled off from day’s high to end on a flat note yesterday forming an inside bar pattern on a daily candlestick chart.
An inside bar often occurs ahead of the intermediate bottom hence we can expect a major turnaround in the market in the next 2-to 3 sessions. The India VIX also cooled from the resistance of 22% mark to end with losses of 8%.
For the market to see a sustainable rally, the India VIX should be trading below 18% else gains are short-lived. In Nifty terms, 16671 still remains critical support on a closing basis, and in case the market sees a violation of the same, the next ideal support for the turnaround of this correction phase is seen at 16123.
Expects the market to open on a weak note on account of across the global markets selling over concerns about the Federal Reserve’s tightening campaign to tame surging inflation and traders raised their bets of a 75-basis-point rise in June, even though Powell ruled that out.
Nifty 50 Index
Stocks to watch
Positive Read Through
- Tata Power secured India’s largest single solar EPC order of 1 Giga Watt for approximately Rs 5,500 crore from SJVN.
- Infosys Modernization Radar 2022: Half of Enterprise Legacy Applications to be Modernized in the Next Two Years
- HFCL – Wipro and HFCL announce 5G Product Development Partnership
- Mahindra Group is likely to split its auto business into 3 units – EV, tractor, and PV businesses into three independent companies via a demerger process.
- TVS Motors- good qtr despite challenges, margin held at 10 pct
- Marico- earnings in-line, volume growth at 1 pct vs expected 0-2 pct
- L&T Info, Mindtree- Reports say merger may be announced shortly
- Blue Dart- revenue up 20 pct led by both realization and volume growth
Negative Read Through
- Voltas- EBIDTA down 21 pct, margin at 9.8 pct vs 12.5 pcy, EMP revenue down 21 pct YoY
- Ceat- Revenue up 13.3 pct, margin under pressure due to higher RM cost
- Force Motors- domestic sales slip 45 pct MoM, production at 1,338 units
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