Markets gave up their opening gains on Monday on the back of an 8% fall in the Metal Index with the Nifty ending in marginal negative terrain but well above 16,123.
The FII selling in the past few days has seen a drastic reduction and on the other hand, has started building long positions in the futures segment which is a sign that they have already unwounded most of their positions in metals and technology stocks.
Domestic participants and the market may have now become lighter to move higher in the next few days.
We expect the next leg of up move to be driven by the Financials, FMCG, and Auto sectors with an immediate rally expected towards 17,300 by Friday with an overall target of 19,867.
Key Results today– Bank of India, NIIT, RailTel, Grasim Inds, Jyothy Labs
Bank Nifty & Ratio of Bank Nifty to Nifty 50 Index
Stocks to watch
Positive Read Thorugh
- Zomato in focus after Q4 numbers. Gross Order Value (GOV) grew by 6% QoQ and 77% YoY
- SAIL- Q4 EBIDTA and margin above estimates, net debt now down to Rs 12,600 cr in FY22
- Marico- acquired a 54% stake in HW Wellness Solutions
- Shilpa Medicare- Revenue up 36.7% YoY, Margin at 21.6% vs 13% YoY
Negative Read Through
- BEL- high materials cost weighs in Q4 margin, EBIDTA lower-than-expectations
- Ramco Cements- Revenue at Rs 1,710 cr vs estimates of Rs 1,788 cr.
- Natco- FMC Corporation files a suit again Co for a process patent
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