Markets formed a bearish counterattack line pattern on candlestick after prices cooled off at the days to end in marginal losses yesterday, but Nifty Bank continued to exhibit strength with closing above 48,636 which turned out to be earlier all-time high. At the current juncture, we expect Nifty 50 to take back seat for some time while momentum is likely to be shifted towards Nifty Bank which has seen severe underperformance in the past three years. Adding to it, lower reading in India VIX suggests new base building process in Nifty 50 at 22,500 which may eventually lead to Nifty testing 23,500 by April month end.
Nifty Bank Chart
Stocks to watch
Positive Read through
- Lupin – Launches 1st generic version of Doxycycline capsule in the US, estimated sales of USD 128 mn.
- Paisalo – Disbursement increased by 38 pct YoY & 121 pct QoQ, AUM rose by 32 pct YoY.
- Shyam Metalics – Expands into stainless steel flat pdts business, to set up new unit in Odisha.
- Godawari Power – Bio mass power plant in Chhattisgarh resumes operations.
- BEL – Company is likely to get contract worth Rs 60 – 62 bn, according to report.
- Policy Bazar – PBFintech incorporates wholly-owned subsidiary PBPay.
- Inox Wind – Company raises its execution target to 800 MW for the current financial year.
- JSW Energy – Company aims to reach 20GW capacity ahead of its 2030 target.
- Axis Bank – Morgan Stanley, Bank of America, Goldman, CoptHall, Société Generale were major buyers in bock deal.
Negative Read through
- Ongc/oil – Crude slips for 2nd straight day, brent below USD 90/bbl.
- Paytm – UPI market share drops to 9 pct, lowest in 4 years, PPBL MD & CEO resigns.
- Latent View – Tarunya Suresh, head- marketing & demand generation resigns.
- Shivalik Rasayan – US FDA issues 7 observations for Dahej-based API facility.
- Motilal Oswal – SEBI issues administrative warning with respect to stock broking operations.
- Protean eGov – 360 One Funds plans to sell up to 5.3 pct stake worth Rs. 2.45 bn via block.
- IRB Infra – Arbitral Tribunal denies compensation of Rs. 10.32 bn plus interest from NHAI.
- Gateway Distiparks: Sikander Yadav, CEO of the company has tendered his resignation.
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