Nifty gained 2 pct on Friday’s session to end the week higher by 3.4 pct after substantial volatility with wide swings seen on a weekly basis. Nifty is out of the 23,000-23,200 range and is now open for an upside of 23,500-23,800 on an immediate basis, with support being trailed sub-22,800. Nifty Bank too recovered from its intra-week low where it took support at the 200 DMA. Overall, the index continues to remain on track to set past 50,000 mark even after the RBI’s status quo. The rally in Nifty is likely to extend higher with an optimistic target seen towards 24,000 and Nifty Bank towards 54,000.
Nifty 50 Chart
Stocks to watch
Positive Read through
- MGL – management reiterates an overall 6-7 pct volume growth target, margin to be lower.
- SAMIL – Moody’s upgrades credit rating of SAMIL & SMRP B.V to Baa3 from Ba1.
- KEC Intl – Bags orders worth Rs. 10.61 bn across its various businesses.
- RVNL – JV emerges as the lowest bidder for project worth Rs 1.56 bn.
- Ami Organics – Unit I, Sachin, Surat clears PMDA Japan, GMP inspection.
- Raymond-Preferred developer for redevelopment project in Bandra, Sales potential Rs 20 bn.
- Railtel – Bags work order from national informatics centre svcs worth Rs 814 mn.
- Godawari – To mull buyback of equity shares in June 15 board meet.
- IDBI Bank – Gets I-T refund order worth Rs. 27.02 bn for AY2016-17.
- Aavas Fin – Selvin Uthaman, affordable home loan business head of Axis Bank appointed CBO.
- KMBL – RBI green signal to Kotak Mahindra General Insurance for 70 pct stake sale to Zurich Insurance.
- Lupin – Signs business transfer agreement with arm Lupin Life Sciences
- EIH Associated Hotels – Board meeting on June 14 to consider issuing Bonus Shares.
- Railtel – Gets order worth Rs 810 mn from National Informatics Centre Services for ICT infra.
Negative Read through
- DRL – US FDA issues form 483 with 4 observations for API unit (CTO-6) in Srikakula, AP.
- Mphasis – BCP Topco likely to sell 10.6 pct stake via block, floor price Rs. 2,350/share.
- PI Ind – Customer Kumiai lowers its FY25 sales guidance due to global destocking.
- Suzlon – Marc Desaedeleer resigns as independent director, cites corporate governance issues.
- PTC India – Q4 sales down by 1.9 pct, profit slipped 46.7 pct yoy.
- Jubilant Ph – US FDA issues 3 observations for contract manufacturing unit at Spokane, Washington.
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