Markets managed to end higher on Wednesday with Nifty Bank moving closer to 49,000 while Nifty posted gains of 0.5% despite being jittery at higher levels. At present, major catalyst for upside momentum is based on strength of Nifty Bank with the index cementing its position above 48,300. The upside potential in Nifty Bank is seen at 54,000 which may force Nifty to test 23,500 in the near term. The strategy at present should be to add on dips as markets has already cleared the breakout hurdle.
Results Today – TCS
Nifty Bank Chart
Stocks to watch
Positive Read through
- Τata Motors – Electric mobility arm in pact with Shell for charging stations.
- NTPC – NTPC Green shortlists investment bankers for Rs. 100 bn IPO, as per reports.
- Dr Reddy’s – Launches drug-free migraine mgmt device Nerivio in Germany.
- Metropolis – Q4 sales growth at 10 pct, core business sales rose 15 pct YoY.
- Indus Towers – Rs 180 bn Voda Idea FPO to open on April 18 & close on April 22.
- Uno Minda – Secures land parcel in IMT Kharkhoda for greenfield alloy wheel plant.
- Phoenix mills – Q4 total consumption up 27 pct, gross retail collections up 37 pct YoY.
- CAMS – Gets certificate of authorisation from RBI for online payment aggregator operation.
- PVR Inox – Opens 14-screen megaplex, 9- screen multiplex in Benagluru & Kochi.
- Maha Seamless – Gets work order worth Rs. 6.74 bn from ONGC for casing seamless pipes.
- NIBE – Arm bags purchase order worth Rs. 3.08 bn from Ordefence Systems.
- NALCO – KABIL and CSIR-IMMT sign MoU for technical & knowledge cooperation for critical minerals.
- Trident – Company commissions 1.1 MWp solar power project in Budhni, Madhya Pradesh.
- Interglobe Aviation – To see inflows of USD 60 mn as weight in MSCI is expected to increase.
- Quick Heal – Announced its membership in the U.S. Artificial Intelligence Safety Institute Consortium.
Negative Read Through
- Vodafone Idea – Rs 180 bn FPO to open on April 18 & close on April 22.
- Sun Pharma – US FDA classifies Dadra unit inspection as official auction indicated.
- OIL India – Leakage incident at X-mass tree of well no. BGN#24 at Dighaltarang Tea Estate.
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