Markets confirmed a major reversal on Tuesday after Nifty formed a ‘Bullish Belt-hold line’ setup on daily candlestick and surged higher by 2.5% on LIC listing day to close above the key resistance of 16,123.
The breadth of the market remained highly positive but volumes remained on the lower side on the back of lack of participation.
We can expect a major slide in India’s VIX below 18% in the next few days and after post, we can expect markets to progress towards its journey of 19,867.
We expect the market up move to turn stronger after volumes expand and outperformance from Nifty Bank should be seen as a sign of strength.
For today, support for Nifty is seen at 16,123 as earlier resistance has turned into support.
Key Results today– ITC, IGL, Lupin, Interglobl Aviation, Pidilite
Nifty 100 weighted Index & Ratio of Bank Nifty to Nifty 50 Index
Stocks to watch
Positive Read Through
- Zydus Life Sciences to consider buyback on 20th May
- ITC will be in focus- ITC is expected to report a healthy YoY growth of 10-12 pct in its consolidated PAT
- Govt officials are considering inviting bids for a 20-25 pct stake in BPCL, instead of an outright sale of its entire 52.98 pct holding,
- Bharti Airtel profit surges on tariff hike boost.
- TVS Motor to sell Intellicar Telematics for Rs 45 crore.
- Motilal Oswal Financial board approved buyback of up to 1.46 million shares at Rs 1100 a share.
- SAIL and RINL to make wheels for Vande Bharat Express trains, more to come from Malaysia, the US, China
- Gujarat State Petroleum Corp: Seeks Another Cargo for July Delivery
- Jet Airways: Expects to Get Flying License After Proving Flights
- Bharti Airtel: Average Revenue Per User (ARPU) at Rs 178 Vs Rs 163 (QoQ)
- PIIND: Net profit up 13.7% at Rs 204.4 cr vs Rs 179.8 cr, Revenue up 16.5% at Rs 1,395.2 cr vs Rs 1,197.1 cr
Negative Read Through
- Dr. Lal Pathlabs Q4 net profit misses estimates, down 24 pct YoY
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