Market scaled to a time high on Monday with major contribution from Nifty Bank and India VIX declining to 12% mark. Nifty Bank currently has moved into breakout zone with 4000 points rally expected in the coming week. The upside of Nifty Bank is seen at 54,000 and is most likely to outperform Nifty with wide margin. For Nifty, the ADX line has seen strong bottom and hence 22,000 from now on should be seen as a new base with immediate target towards 23,500.
Nifty Futures Chart
Stocks to watch
Positive Read through
- Reliance – Jio sees 22nd straight month of highest subscriber adds, at 4.178 mn.
- Bharti Airtel – January subscriber adds at 0.752 mn vs 1.85 mn MoM.
- TVS Motor – March total sales increased by 12 pct, exports rose 23 pct YoY.
- AB Fashion – Aims to demerge Madura Fashion & Lifestyle business into separate listed entity.
- South Indian Bank – CASA ratio at 32.04 pct vs 31.8 pct, CD ratio at 78.82 pct vs 78.35 pct QoQ.
- CSB Bank – Q4 deposits rose by 21.3 pct, gross advances up by 17.9 pct YoY.
- Karur Vysya – Q4 deposits increased by 16.3 pct, CAS up by 6.4 pct YoY.
- IREDA – Q4 loan sanctions up by 101.7 pct, disbursements rise 14 pct YoY.
- Uflex – Commissions CPP film production line with capacity of 18,000 mt/day in Russia.
Negative Read Through
- Zomato – Gets service tax demand & penalty order worth RS. 1.84 bn.
- Maruti – Gets tax demand order worth Rs. 2.38 bn for FY2009-10 from I-T dept.
- Hero Motocorp – Total sales dropped by 5.60 pct, exports rose by 87.60 pct YoY.
- BDL – FY24 prov turnover down by 5.6 pct, supply chain effected on geopolitical tensions.
- NMDC – March production declined by 13 pct, sales fell by 18 pct YoY.
- Ashok Leyland – Total M&HCV sales down by 7 pct, domestic sales decline by 7 pct YoY.
- Voda Idea – Subscriber losses rise to 1.52 mn users in Jan vs 1.36 mn users MoM.
- Uno Minda – Honda Motorcycle India bike recall to cost Rs. 760 mn, covered by insurance.
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