Markets managed to consolidate on Thursday and added gains with Nifty future closing above the psychological barrier of 22,000. We expect major short covering to emerge in Nifty future above 22,078 which may trigger a flag breakout with an upside target seen at 2,3200. We expect beaten-down sectors like FMCG to rebound from extremely oversold terrain in today’s trading session.
Nifty Futures Chart
Stocks to watch
Positive Read through
- Vedanta – Promoter Finsider Intl sells 65.5 mn shares (1.8 pct equity) via block.
- Dilip Buildcon – JV declared the lowest bidder for a dam project worth Rs. 4.13 bn.
- Max Fin, Axis Bank- All approvals were taken for the Axis-Max Life deal’.
- Indigo – Jan market share above 60 pct, PLF at 88.4 pct vs 90.7 pct MoM.
- Escorts Kubota – Executes a long-term wage settlement agreement with workers’ union for 3 years.
- BL Kashyap – Bags order worth Rs. 2.08 bn from Manyata promoters.
- Sudarshan Chem – HDFC MF buys 2.56 pct stake at Rs. 513.99/share via block.
- IHCL – Expanded its brand portfolio through a strategic alliance with Kolkata’s Ambuja Neotia Group for Tree of Life Resorts & Hotel.
- Cipla – Tied up with CSIR to jointly develop a novel ophthalmic formulation for fungal keratitis.
- NBCC – Expects to meet its revenue target of Rs. 100 bn in FY24.
- KPI Green – Wholly-owned subsidiary has received a new order for a 1.5-MW solar power project.
- Tata Motors – The Company is exploring spinoff plans for the EV business, as per the report.
- Coal India – Signs MoU with Haryana Power Purchase Centre for power purchase.
Negative Read through
- ONGC/Ril – Windfall tax on diesel raised to 1.50/litre, crude by Rs. 100/t.
- UPL – Fitch downgrades rating to BB+ from BBB-, outlook negative.
- STL – Crisil revises long-term rating to rating watch with -ve implications.
- Route Mobile – Proximus open offer date extended on pending overseas regulatory nod.
- BPCL/IOC – Crude jumps to USD 83/bbl on demand growth concerns.
- Yes Bank – Carlyle Group sells 1.36 pct of a total 6.43 pct stake via block at 27.10/share.
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