Markets for the week ended higher by 1.5% ahead of expectation of BJP alliance forming government in Maharashtra helping Nifty to regain towards 23,900. The rebound on Friday aggravated in last hour of trade which was mainly contributed by IT index which rallied by more than 3% led by giant caps. For Nifty, the current rebound has ability to extend towards 24,387 based on 38.2% retracement but thereafter we can expect next leg of decline to resume which could take Nifty significantly below 21,500. Due to the sustained down move, markets had already entered into an oversold terrain and with election result in favour of BJP alliance, the respite could help Nifty complete its bear market retracement.
Nifty 50 Chart
Stocks to watch
Positive Read through
- SBI Card – October cards issuance grew 9.6 pct YoY, spends rise 14.9 pct MoM.
- Aurobindo – Collab & licence agreement with a global pharma major for respiratory drugs.
- RVNL – JV (RVNL-SCPL) gets LoA for a project worth Rs. 8.37 bn from Eastern Railway.
- Escorts – To commence NBFC business without accepting public deposits from Nov 26.
- HG Infra – Gets LoA from NTPC Vidyut Vyapar Nigam for battery energy storage system.
- Cochin Ship – MoU with US-based company to develop jack-up rig design for the Indian market.
- Zomato – To be included in BSE Sensex effective December 23.
- Cesca – Arm gets Lol to acquire 100 pct stake in Chandigarh Disco, bid at Rs. 8.71 bn.
- Rites – Northeast frontier railway revises project work estimates to Rs. 5.31 bn from Rs. 2.88 bn.
- Time Techno – Gets PESO nod to manufacture high pressure fibre reinforced cylinders.
- Chennai Petro – Tamil Nadu Pollution Control board issues SCN seeking penalty of Rs. 740 mn.
- Mahindra Life – Announced 2nd phase of Parks projects in Tamil Nadu in Partnership with Sumitomo Corp.
- Indiagrid – Gets LoA from NTPC VVNL to Set up 50 MW battery energy storage system.
Negative Read through
- JSW Steel – To be excluded from BSE Sensex effective December 23.
- Alembic Ph – US FDA issues 5 observation for solid oral formulation unit (F-4) at Jarod, Guj.
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