Markets for the week began on a positive note with Nifty testing all-time highs but witnessed minor profit booking in late hours of trade. The flag breakout in Nifty is likely to accelerate momentum further with an immediate target of 23,200 while Nifty Bank is likely to re-test its recent breakaway gap of 47,300. The current rise of India VIX may be due to the event of Fed Minutes which is expected to be released on Thursday. Expectations are that the Fed may restrain from aggressive rate cuts after hotter-than-expected US CPI Numbers. For Nifty, new support is seen at 21,900 with short-term resistance seen at 22,300.
Nifty Futures Chart
Stocks to watch
Positive Read through
- HDFC Bank – Won’t chase high-cost deposit flows, will maintain NIM/RoA in the guided band.
- Kotak Mah – Re-designates KVS Manian as joint MD, Shanti Ekambaram as deputy MD.
- NBCC – Gets 3 work orders worth Rs. 3,690 mn.
- Torrent Power – To invest Rs. 25,000 mn to develop 4 projects in UP.
- Titagarh Rail – On track to start supplying driverless train sets for BMRC.
- Minda Corp – Bela Agarwal sells the entire 4.5 pct stake, MFs are buyers.
- Deepak Fert – Signs a 15-year LNG contract with Norway-based Equinor.
- CIE Auto – Margin at 14.6 pct vs 13 pct, net profit vs loss YoY.
- Paisalo Digital – The Board meets on Feb 22 to consider fundraising.
- IREDA – Signed MoU with PNB to collaborate on financing renewable energy projects.
- Mining Stocks – Gets 40 bids in offline form for mines under the 9th round of commercial coal mine auctions.
- ZEE Ent – Company is engaged with Sony Group in merger talks.
- JSW Steel – In talks to pick up a 20 pct stake in Australia’s Blackwater coal mine from Whitehaven Coal for around USD 1 bn.
- Thomas Cook – Cost-cutting initiatives that have led to margin expansion are sticky and will continue.
Negative Read through
- Whirlpool – Parent company to sell 24 pct stake worth USD 450 mn via block, Floor price at Rs. 1,230/ share.
- Sula – Verlinvest Asia sells entire stake via block, MS Asia Singapore PTE buyer.
- Spice Jet – The Supreme Court slammed Spice Jet for failing to clear its dues to Credit Suisse.
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