Markets remained under pressure on Monday with key indices ending lower by 1% on the back of concerns about the risk associated with Credit Suisse default and its impact on other financial institutions. Financials turned major drag on Monday with Bank Nifty ending lower by 2% while USDINR rebounded sharply towards 82 mark.
For the Indian market, the appearance of a Bullish engulfing line and 8 Bar reversal is seen as a major reversal signal and we expect the market to post a sustainable recovery on closing above the key Fibonacci resistance placed at 57634 in Sensex terms.
Adding to it, the correction phase which began on 19 Aug 2022 has completed 30 trading sessions hence we expect a resumption of up-move towards an all-time high in the near term. A Similar time-wise correction was seen in May-June 2018.
BSE Sensex & Bank Nifty
Stocks to watch
Positive Read through
- NHAI raises Rs 1,217 crore through InvIT.
- Adani Green Energy Says its unit incorporated three new units to produce, sell, and distribute renewable energy.
- Britannia Bought 51% in Kenyas Kenafric Biscuits for Rs 92m and 100% in Catalyst Britania B rands for Rs 14.2m.
- Dilip Buildcon Says Co.-RBL JV wins Rs 10.61b Surat Metro Rail project.
- Hindustan Zinc Says 2Q refined metal production was up 18% YoY to 246,000 tons; mined metal output up 3% YoY to 255,000 tons.
- KEC Intl Wins new orders of Rs 14.07b; Co.’s orders intake grows 50% YoY to Rs 84b.
- Vedanta – 2Q iron ore sales +2% YoY to 1.34m, 2Q finished steel output -11% YoY to 325,000 tons, 2Q avg working interest Oil, Gas output -15% YoY to 91,174 BOEPD.
- NCC- receives new order worth Rs 393 crore in September 2022.
- M&M Financial- asset quality improves, Gross NPA ratio at approx. 7% vs 8% QoQ.
Negative Read through
- Marico- India business posted low single-digit Q2 volume growth.
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