Markets succumbed to selling pressure on Friday on back of 1 pct decline Nifty Bank but gains in IT & Auto sector helped Nifty to restrict losses below 0.3 pct. The India VIX fell marginally short of weekly breakout of 18.9 but risk of major breakdown in Bank Nifty remains very likely in near term after Nifty Bank posted failure to cross the 50 DMA. The sharp fall in Dollar Index on Friday may add to selling pressure in Indian markets as EURINR, GBPINR and JPYINR surged late hours of trading session which is likely to trigger carry trade unwinding in Indian markets and financials are likely to have direct impact of selling. With emergence of Diamond Top Pattern in Nifty, we expect major selling to emerge on a breach below 19600 on closing basis.
Nifty Futures Chart
Stocks to watch
Positive Read through
- Maruti – Got shareholders nod to acquire 100 pct stake of SMC in Suzuki Motor Gujarat.
- CS – In Agreement with ASX for delivery of TCS bancs for market infrastructure product.
- SBI Cards – Cap adequacy ratio will reduce by 4 pct, if required, will raise Tier II capital.
- Aurobindo – US FDA classifies arm’s Telangana unit as NAI, issues zero observations.
- NBCC – In mou with ICAI to design & execute its buildings & renovation works.
- Oberoi Realty – Forays into NCR, acquires 14.82-acre land in Gurugram for Rs 5,970 mn.
- Rites – Awarded tender for 10 diesel electric locomotives by CFM Mozambique.
- Mankind – Added to FTSE All World & Cap Indices, IIFL sees inflows of USD 30 mn.
- Newgen Soft – Board meet on Nov 27 to consider bonus issue.
- Kaynes Tech – Board approves fund raise of Rs. 14 bn via equity.
- Zen Tech – Bags export order worth Rs. 420 bn.
- Dixon Tech, Syrma SGS, ITI- 27 cos have been approved for PLI 2.0 I.T hardware.
Negative Read through
- L&T – Qatar Tax Authority demands Rs 2390 mn for tax period for FY17 & FY18.
- Cipla – Indore facility receives warning letter from US FDA.
- Vedanta – CRISIL downgrades long- term rating to ‘AA-‘ From ‘AA’.
- Hikal – Inconsistencies on several counts found with respect to pre- clearance applications.
- ESAF SFB – Asset Quality deteriorates, GNPA ratio at 2.64 pct Vs 1.65 pct QoQ.
A financial planning platform where you can plan all your goals, cash flows, expenses management, etc., which provides you advisory on the go. Unbiased and with uttermost data security, create your Financial Planning at Rs. 1499/-
Disclaimer: The views shared in blogs are based on personal opinions and do not endorse the company’s views. Investment is a subject matter of solicitation and one should consult a Financial Adviser before making any investment using the app. Making an investment using the app is the investor’s sole decision, and the company or its communication cannot be held responsible for it.
