Markets extended its uptrend with the Nifty comfortably holding above 24,000 levels and the Sensex surpassing 80,000 mark in intraday trade. Nifty is right now in its 5th consecutive week wherein it has not closed even a single session below its previous day’s low.
A huge outperformance from Bank Nifty was seen against Nifty in its weekly expiry session yesterday owing to the spike in Banking heavyweights. The index has taken out its 53000 level on the upside but closed below its previous all time high of 53180.
The upside potential towards 24,700 still remains intact and we expect positive momentum to accelerate further towards 24,700 in the next few days.
Nifty 50 Chart
Stocks to watch
Positive Read through
- Bajaj Fin – Q1 new loans up 39.4 pct, highest growth in 8 years, AUM jumped 7.1 pct QoQ.
- Vedanta – Total aluminium production increased 3 pct, refined zinc production up by 1 pct.
- L&T Fin – Farmer finance disbursals up 24.2 pct, retail loans grew 5.54 pct QoQ.
- Marico/Kaya – Marico to exclusively handle sales & marketing of kaya’s 75+ personal care products.
- Brigade Ent – Signs Joint development agreement for a residential project, GDV Rs. 11 bn.
- ITD Cement – Promoter Italian Thai Development exploring potential divestment in company.
- GE T&D – Bags 2 orders worth EURO 88 mn from French & Dubai group entities.
Negative Read through
- Bandhan Bank – Q1 deposits tumbled 1.5 pct, CASA declines 11.4 pct QoQ.
- Bharat Forge – June North America class 8 truck orders fell 33 pct MoM, at 14 months low.
- Suryoday SFB – Q1 CASA down 8.1 pct, CAS ratio at 17.68 pct vs 20.14 pct QoQ.
- Cello – To raise up to Rs. 7.30 bn via QIP, indicative price at 11.6 pct discount to CMP.
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