Markets for the week ended unchanged after multiple failed attempts to cross above 17,900 thus forming Inside Bar on a weekly candlestick. Markets have been battling with frequent negative news flow from Adani Group as more and more global institutions raise the alarm over the channeling of funds through safe haven destinations and overvaluation.
For Nifty, the setup for the market still remains on the weaker side with a potential downside seen at 17,000 in days to come. The recent breakout in Brent crude prices above USD 86 a bbl may trigger further upward momentum in energy prices with USDINR eyeing to test 85 in the coming weeks. We expect selling pressure to accelerate on breach below the previous week’s low placed at 17,655.
Nifty 50 Weekly
Stocks to watch
- Coforge enters a strategic partnership with Denodo to offer data modernization for banks and financial services organizations.
- ABB Q3 margin at 15 pct vs expected 10 pct, CY22 order inflows above Rs 10,000 cr.
- BHEL- margin rises 100 bps, EBIDTA is up more than 60 pct YoY.
- Glenmark earnings in-line, profit up 215 YoY, US revenue at USD 102.3 mn.
- Nalco- EBIDTA better than expectations, margin improves 450 bps QoQ.
- PB Fintech- new business losses narrow, retains guidance of Rs 1000 cr PAT by FY27.
- Lemon Tree- margin rises nearly 1,000 bps, revenue up 63 pct YoY.
- JK Lakshmi earns in-line, revenue up 25 pct, EBITDA up 9 pct YoY.
- RITES bags order of Rs 65 cr from railways.
Negative Read through
- Balkrishna Industries- profit down 70 pct, margin slips 530 bps.
- Info Edge- Revenue growth 33.5 pct YoY vs over 50 pct in previous 4 qtrs.
- Lupin- Negative view post Q3 concall, Q4 EBIDTA may be same as Q3.
- Coforge- reports say Barings PE likely to sell stake in Co via block deal.
- Balrampur Chini- Sugar Business EBIT is up 54 pct while distillery EBIT slips 88 pct YoY.
- Biocon- USFDA issues a complete response letter for Mylan’s Bevacizumab.
- Adani Group- Promoter pledges addl shares, 2 companies out of ASM framework.
- Delhivery- EBIDTA loss at Rs 72 cr vs gain of Rs 54 cr YoY.
- City Union Bank- Gross NPA rises 75 bps QoQ, NIM at a 6-qtr low of 3.88 pct.
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