Markets for the week ended with marginal gains to form shooting star pattern on candlestick signifying a reversal after war erupted between Israel and Iran. However, with India VIX trading below 12, for Nifty this move is more likely to be considered as pullback and is unlikely to go below 22,350. The overall outlook remains positive with a buy on dip with target placed at 23,500.
The geo-political climate has heated up suddenly. Iran has launched more than 300 drones and missiles at Israel in an unprecedented attack late on Saturday. US continued to issue warnings to Iran but yet to step in. It could also be an opportunity to buy at slightly lower levels if things settle down.
Results Today: – ICICIGI
Nifty Bank Chart
Stocks to watch
Positive Read Through
- Metals – US, UK impose sanctions on use of Russian metals on exchanges.
- TCS – Q4 margin beats estimates by 100 bps, record deal wins at USD 13.20bn.
- Ami Organics – Board approves fund raise of up to Rs. 5 bn via QIP.
- Patanjali – Q4 edible oil business sales growth is in single- digit, food & fmcg saw stable margin.
- Senco Gold – Q4 sales rose by 39 pct, same-store-sales growth at 23 pct YoY.
- Aster Dm – Board approves special dividend of Rs 118/sh, record date April 23.
- Granules – US FDA issues zero observation for unit V in Vishakhapatnam.
- Varun Bev – Starts commercial pdn of carbonated soft & energy drinks from Gorakhpur unit.
- ISMT – Gets two orders worth Rs. 3.44 bn from ONGC for supply of products.
- Anand Rathi – Exceeds FY24 sales, profit guidance, to buyback up to 0.88 pct equity at Rs. 4,450/sh.
- RVNL – Received LoA worth Rs. 959 mn for new line project of Araria – Galgalia of N.F. Railway.
- Mphasis – Signed a multi-year global strategic collaboration agreement with AWS.
- Lemon Tree – Announces the opening of A Lemon Tree Resort, in Chitwan, Nepal.
- Ambuja/ACC – Adani Cement sees 16 pct growth, eyes 140 mn tn/year capacity by 2028.
- Dixon Technologies – Partners with France’s Dassault Systèmes to streamline operations.
Negative Read Through
- Godrej Agrovet – Company gets assessment order worth Rs 115 bn.
- HUL/Dabur/Zydus Well – E-commerce websites to remove all drinks/beverages from the category of health drinks on their platforms.
- BhartiHexa – Sanjeev Kumar and Surajit Mandol resign from company’s board.
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