Markets turned cautious on Wednesday ahead of the U.S Fed meeting with the Nifty 50 forming a Bearish Engulfing line on the candlestick and prices retreated from highs of 18178 levels. The wide deviation in performance between global markets and Indian markets has reached its optimal peak and hence one should adopt a cautious stance till the time the Nifty 50 does not cross above the 18513 mark.
In the past, (like in 2010) Indian markets have seen a major downtrend after the completion of the Ending Triangle and in the current case, the downside risk extends all the way to 14700 in Nifty 50 terms. The best strategy for the next few days would be to adopt hedging till the time 18513 is not taken out.
Meanwhile, the US Fed raised interest rates by 75 bps to combat inflation and signaled plans to keep raising them though possibly in smaller increments.
Key Results today– Adani Enterprise, HDFC, Hero Motocorp, SRF, HPCL, Voda-Idea
Nifty 50 Index
Stocks to watch
Positive Read Through
- Bharat Forge, RK Forging, GNA Axles in focus- As per ACT Research, Preliminary NA Class 8 net orders continue to be robust
- Godrej Properties acquires 50 acres residential project in Manor-Palghar, Maharashtra. 5
- Spandana Sphoorty Financial Board approves raising Rs 500m via bonds
- Triveni Turbine To buyback shares worth up to 1.9b rupees at Rs 350 /share via tender route
- Wipro Introduces new financial services consulting capability in India
- JK Cement Unit Jaykaycem starts 2M tons/y grinding capacity
- Dalmia Bharat – Q2 in-line, margin at 12.7 pct vs poll of 12.8 pct
- OMCs- No scope to cut prices, Diesel under-recoveries at Rs 27/L accor to reports
- MTAR Tech- Revenue up 38 pct, Co on track to achieve FY23 guidance
- Triveni Turbine- Revenue up 42 pct, buyback ay Rs 350/Sh, 24 pct premium to CMP
Negative Read Through
- M&M Financial- Oct collecting efficiency at 91 pct vs 98 pct MoM, Operating profit down 15 pct YoY
- Relaxo Footwear- Revenue down 6 pct, margin at 8.9 pct vs 16.4 pct YoY
- P&G Hygiene- EBIDTA slips 29 pct, margin at 20.5 pct vs 28.5 pct
- Jindal Stainless- Results better than expected, Revenue up 13 pct, margin at 7.5 pct
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