Markets ended with gains of 0.5% on Thursday but failed to cross-resistance of 17800 on rising crude prices. At the current juncture, the Nifty 50 is sustaining above the one-year breakout line hence we expect significant short covering above 17800 with an immediate target of 18600. Low reading in India VIX indicates the market getting a cushion through significant put writing but the real rally in the index may resume after India VIX moves below the 16% mark.
Results today- Maruti, Dr. Reddys, Vedanta, Tata Power
Nifty 50 & Spread Nifty 50- Nifty 500 Index
Stocks to watch
Positive Read Through
- Tata Chemicals’ revenue is up 40 pct, with a margin of 21.7 pct vs 16.6 pct YoY.
- Vedanta receives govt nod to extend PSC for Rajasthan gas facility.
- Aurobindo Pharma- USFDA nod for Eslicarbazepine Acetate
- AB Sun Life- Revenue up 3 pct, operating profit margin flat at 56 pct QoQ
- Dhanuka Agri to consider buyback via a tender route on Nov 1
- PNB Housing- Disbursal up 2 pct YoY, NIM and Spreads at 23-qtr highs
Negative Read Through
- Sun Pharma in focus- Taro sees lowest sales in 10 quarters, price erosion in the U.S. hurts margins.
- SBI Cards- credit cost elevated at 5.6 pct, revolver rate fall continues
- Indus Towers- EBIDTA and Profit miss estimates, provided for Rs 1770 cr against Voda-Idea
- Supreme Petro- Revenue down 17 pct, margin slips 1060 bps QoQ
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