Markets for the week ended with gains of less than a percent but was able to penetrate the resistance of 22,300 after an intense battle, thus paving the way for a meaningful upside in the near term. The breakout in Nifty futures has clearly been established and we expect an immediate upside target of 23,400 to be achieved in the next 10-15 trading session. Meanwhile, a rebound in Bank Nifty above 47,000 could likely lead to a further leg of short covering with immediate upside seen towards 49,000. Overall, the market outlook remains positive with support seen at 22,000 in Nifty futures.
Nifty Futures Chart
Stocks to watch
Positive Read through
- Hero Moto – Feb sales increased by 19 pct at 4.68 lk units, exports up by 91 pct YoY
- NTPC – Board approves investment of Rs. 171.95 bn for Singrauli Super Thermal Power Proj
- Cipla – US FDA issues no observations for manufacturing unit of Chinese arm
- Godrej Prop – To develop a township in North Bengaluru, booking value estimates of Rs. 50 bn
- PSP Projects – Bags work orders worth Rs. 3.86 bn in Gujarat
- Torrent Power – Gets LoA worth Rs. 4.40 bn from NTPC Vidyut Vyapar Nigam
- Welspun Corp – Arm SAPL to set up manufacturing facility in MP, invest Rs. 4 bn
- Info Edge – Most apps are back on the Google Play store
- Patel Engg – JV bags order worth Rs. 5.25 bn, co’s share at Rs. 2.68 bn
- SJVN – To develop a 200 MW solar power project worth Rs. 11 bn in Gujarat.
Negative Read through
- Coforge – decides not to proceed with a proposed offering of ADRs
- Inox Wind, Suzlon – Govt weighs ‘reverse auctions’ for wind capacity power
- Dr Lal – Bharath U resigns as CEO effective May 20, 2024
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