Markets during the week remained largely rangebound but managed to post positive closing for fourth consecutive week with Tata Group shares remaining under limelight while India VIX saw a sharp slide below the 14 mark on back of aggressive put writing in the system. For a trading perspective, a decline in India VIX could be a important trigger for a sharp upswing in Nifty towards a target of 23,500. In the past few days, Nifty Futures has seen a smart cementing of its positions above 22,200 and is likely to trigger next leg of short covering in the coming days.
Nifty Futures Chart
Stocks To Watch
Positive Read through
- HDFC Life – Feb total APE rises by 22 pct, premium rises 14 pct YoY.
- LIC – Feb premium up by 67 pct YoY, total APE rises by 28 pct YoY.
- ICICI Pru – Feb premium up 33 pct, total APE rises by 38 pct YoY.
- Gail – Signs tripartite MoU with ONGC & shell to explore import of hydrocarbons.
- Max Life – Feb premium up by 32 pct, total APE rises by 36 pct YoY.
- RVNL – Gets LoA worth Rs 5,430 mn from Madhya Pradesh Metro Rail Corp.
- Azad Eng – Signs a Long-Term Strategic Supply Agreement (SSA) with a subsidiary of Baker Hughes.
- HG Infra – Declared lowest bidder for projects worth Rs 6.10 bn & Rs 8.62 bn by NHAI.
- Zydus Life – US FDA classifies API Ahmedabad facility as voluntary action indicated, get EIR.
- IIFL Finance – To consider fund raise on March 13 via equity shares, convertible bond.
- Torrent Power – Rs 15.40 bn LoA from Maha state discom for 306 MW solar power supply.
- Tata Power – MERC approves power tariff hike for Tata Power in Mumbai.
- Gujarat Gas – Signs MoU with BPCL to collaborate on various fronts
- Beverages stocks – Government hikes outlay to tea sector, incentives to small growers.
- Dwarikesh Sugar – Buyback Approved, Offer price Rs. 105, Record date 20th March 2024.
Negative Read through
- Tata group – As per report, Tata Sons listing in the foreseeable future unlikely.
- Indigo – Promoter Rakesh Gangwal raises stake sale size to 5.8 pct.
- JM Fin – SEBI bars company from being lead manager of debt issues.
- Alembic Pharma – US FDA issues form 483 with 4 procedural observations for Panelav oncology unit.
- ZEE Ent – Rahul Johri, president business, South Asia steps down to pursue other interests.
- IOC/HPCL – Rs. 100 LPG cylinder price cut to be borne by OMCs; no fiscal impact on government.
- Vedanta – SEBI issues administrative waning to the Vedanta to take corrective steps to strengthen internal control for corporate announcement.
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