Markets in month of October witnessed confirmed major long-term reversal after Nity declined more than 6% making it the single largest monthly decline after Covid phase in the year 2020 forcing Nifty to convincingly close below 24,500. On candlestick basis, a bearish belt hold line pattern was observed, and this would indicate November month could see further round of selling. Some of the advanced indicators like Tokyo Nifty Inverse which FII tracks closely, has seen major gains due continuous slide in Nifty 50 Index and suggests a sharp downside of another 15% for the Indian markets. Overall view suggests that the markets are prone to a sharp selloff below 24,232. One can add new short positions on close below the same.
Results Today – Bata India, ABB
Nifty 50 Chart
Stocks to watch
Positive Read through
- Tata Motors – Oct sales flat vs an expectation of a decline, posted healthy JLR sales in Oct.
- Hero Moto – Records highest-ever Dhanteras sales, Oct motorcycle sales rise 20 pct YoY.
- M&M – Both auto & tractor segments did well, total Oct auto sales up 20 pct YoY.
- Hyundai Motor – Oct total sales grew 2 pct, exports rose 6.7 pct YoY.
- Ashoka Buildcon – Bags order worth Rs. 3.12 bn from MSETC.
- TVS Motor – Recorded sales in-line to estimates, regains 2nd spot in EV sales.
- Eicher – Highest-ever monthly sales for Royal Enfield, 31 pct YoY.
- Apollo Hospital – To set up 500-bed hospital in Worli, expand Lucknow unit with Rs. 4.55bn capex.
- NCC – Bags total orders worth Rs. 34.96 bn in the month of October.
- Ola Elec – Sold more than 50,000 units in Oct, holds 30 pct market in EV 2-W.
- Azad Engg – Signs long-term contract worth Rs. 7 bn with Mitsubishi.
- NBCC – Bags multiple orders worth Rs. 2.35 bn from Power Grid, MGKVP & SSVV Varanasi.
- NMDC – Oct production increased 4 pct, sales jumped 17 pct YoY.
- Welspun Corp – Bags 2 large orders worth Rs. 13 bn in the US for coated HSAW pipes.
Negative Read through
- Sun Pharma – NJ District court grants prelim injunction prevents co from launching Leqselvi.
- Maruti – October sales in line to minor beat, entry level remains a concern.
- Moil – Company revises prices lower with effect from 1 November, 2024.
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