Markets for the week witnessed selling pressure with Nifty ending lower by 2% while Midcap and Small cap indices corrected more than 5% on back of stress test applied by mutual funds on the directives of SEBI. However, with India VIX comfortably trading below 14 mark, it can be construed that maximum protection is getting built in Nifty at 22,000 due to heavy selling in put options. In the current week, all eyes would be US Fed with expectation of atleast two rate cuts likely in the coming year and markets may cheer if US Fed resorts to aggressive rate cuts. From a trading perspective, the outlook for market remains highly bullish as Nifty has been trading with ascending triangle and significant strength is seen in Nifty Service sector Index which holds more than 55% weightage in Nifty 50 Index. The upside target of 23,800 in Nifty remains intact and any declines should be used as a buying opportunity.
Nifty Futures Chart
Stocks to watch
Positive Read through
- LIC – Govt approves 17 pct wage hike for LIC employees.
- HAL – Gets Rs. 28.90 bn order from Defence Ministry to upgrade 25 Dornier Aircraft.
- Coforge – Board approves fund raise of up to Rs. 32 bn via QIP.
- JSW Energy – Arm receives LoA for an additional 500 MW of wind capacity from SECI.
- Ircon – Gets LoA for construction project worth Rs. 6.31 bn from NHIDCL.
- RVNL – Gets LoA for project worth Rs. 3.39 bn from Maharashtra Metro Rail Corp.
- Railtel – Bags orders worth Rs. 1.30 bn in Bihar & Rs. 3.52 bn from BMC.
- Zydus Life – Gets final US FDA nod for Finasteride & Tadalafil capsules.
- SJVN – SJVN Green Energy gets Lol from GUVNL for a 200 MW solar project.
- Crompton – Granted patent for linear node tubular lighting system effective for 20 years.
- AB Fashion – NSE, BSE give ‘no objection’ on merger scheme with TCNS clothing.
- Dr Lal – Appoints Shankha Banerjee as CEO & KMP W.E.F May 21, 2024.
- Salasar Tech – Declared successful bidder for acquisition of insolvent EMC for Rs. 1.78 bn.
- Torrent Power – Gets LoA to set up 300 MW wind solar hybrid projects.
- Concor – MoU with Central Warehousing Corp for logistics & warehousing in India.
- Amber Ent – Incorporates wholly owned subsidiary, ‘At Railway Sub Systems’.
Negative Read through
- Reliance/ONGC – Windfall tax on crude petroleum hiked to Rs. 4,900/t from Rs. 4,600/t.
- Lupin – US FDA issues form 483 with 1 observation for Aurangabad facility.
- Greenply – Search operation conducted by GST Departmemt on March 15&16 at arm Hardoi, UP Plant.
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