Markets posted monthly closing with hefty gains as Nifty ended higher by more than 5% after FII infused more than Rs 4000 crores in yesterday’s trading session. The Monthly closing is always considered very important by strong hands and after a close above 18000 levels, the buying momentum accelerated further toward a potential target of 19867.
From here on, the market may see a cushion of the heavy build-up of a put option, especially for strikes of 18000 and lower which may force Indian VIX towards 13.5%. Immediate resistance for Nifty is seen at 18463 above which, major short covering is expected from 18000 strikes call options.
Results today- Sun Pharma, UPL, Adani Ports, Tata Power, Voltas PNB, FSN E-Commerce
Monthly Nifty 50 & Spread Nifty 50- Nifty 500
Stocks to watch
Positive Read Through
- Bharti Airtel- Revenue and EBIDTA growth higher than estimates, ARPU at Rs 190
- L&T- Reports healthy earnings, order inflow growth seen at the upper band of guidance
- Glenmark- Launches Fingolimod capsules, generic Gilenya, mkt size at USD 1.8 bn
- Axis Bank- Bain Capital to sell 1.24 pct stake via block deal, floor price Rs 888/Share
- Equitas EFB- NII, Profit higher than estimates, slippages elevated
- LT Foods- Revenue up 31 pct, margin at 10 pct vs 12 pct
Negative Read Through
- Tata Steel- weak earnings, India EBIDTA per ton at Rs 8741 vs expected Rs 10,950 per ton
- HUL, GCPL, Britannia- Govt increases palm oil import tariffs by 6-11 pct
- Airlines- ATF price raised to Rs 1.20 lakh per KL from Rs 1.5 lakh per KL
- Castrol- Q3 revenue up 4 pct, EBIDTA down 2 pct, margin slips 140 bps
- MOIL- Prices of all Ferro Grades of Ore cut by 7.5 pct.
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