Markets for the week ended with marginal gains after Nifty failed to cross the key hurdle of 18800 after RBI opted for a cautious approach by refraining from a significant cut in inflation expectation. In the coming week, the global markets may have to battle out Fed meeting where a rate hike pause is already priced in but Fed commentary would be crucial for future policy stance.
For Nifty, the weekly candlestick has turned out to be a shooting star which indicates caution but with India VIX settling around the 11 mark, it clearly suggests a positive stance for the market in the coming days. Most of the time before a meaningful rally, institutions resort to aggressive put writing which impacts lower reading in India VIX. A move above 18720 in Nifty Futures should be seen as a reinforcement of a breakout for a short-term upside of 19000.
Nifty 50 Futures
Stocks to watch
Positive Read through
- TVS Motor to acquire an additional 25 pct stake in SEMG at CHF 517.36 a share
- Metals- Steelmint report says Q1 contracts for HRC and CRC revised upwards
- Lupin- May export rise more than 63 pct to USD 67 mn MoM
- HDFC Life- May premium up 26 pct YoY, market share up 181 bps in FY24
- SBI Life- May premium up 58 pct YoY, market share up 243 bps in FY24
- Syngene- May exports are up 50 pct at USD 12 mn vs USD 8 mn MoM
- Titagarh Rail- to raise Rs 288 cr from Smallcap Fund at Rs 380 a share
- Cochin Shipyard- Lowest bidder to upgrade an Indian Naval Ship for Rs 300 cr
- Indigo- expands codeshare partnership with Turkish Airlines for the United States
- Maharashtra Seamless- prepays outstanding long-term loans of Rs 234 cr
- Lloyds Steels- Board meets on June 24 to consider fundraise
Negative Read through
- Conor divestment plan may be delayed indefinitely says Ministry of Rail
- Go Fashion- Sequoia to sell 10.2 pct via blocks, floor price Rs 1135 a sh accor to reports
- LIC- May premium down 11 pct YoY, market share down 746 bps in FY24
- ICICI Pru- May premium down 19 pct YoY, Retail APE up 4 pct YoY
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