Markets cooled off from the day’s high after hitting 18420 to end with a small doji star on candlesticks while most technology stocks ended in negative terrain. The Nifty is currently in Wave 5 of (V) and declines from here on should be considered as part of Wave (ii) within Wave 5. An ideal retracement or support can be confirmed anywhere between 18230-1275 with Wave (iii) target seen at 19220 thereafter.
Nifty 50
Stocks to watch
Positive Read through
- Sun Pharma- Taro reports improved earnings QoQ, margin rises 500 bps.
- Biocon- Q4 above estimates, EBIDTA rises 68.4 pct YoY.
- NMDC- Q4 sales volumes up 1 pct at Rs 12.4 mt YoY, results largely above estimates.
- Ashok Leyland- Margin up 200 bps YoY, operating profit above estimates.
- Varun Beverages- incorporates a Co in South Africa to explore mfg and distribution business
- Dixon Tech- EBIDTA rises 32.2 pct YoY, results above estimates.
- Mahindra CIE- Promoter MnM to sell its entire 3.2 pct equity via block deal accor to sources.
- Amara Raja- margin up 380 bps, EBIDTA rises 53.2 pct YoY
- Fortis Health- EBIDTA rises 22.4 pct, net profit is up 59 pct YoY
- Somany Ceramics- EBIDTA rises 20.4 pct, margin up 80 bps YoY
Negative Read through
- JSW Energy- margin at 27.9 pct vs 46.4 pct, EBIDTA slips 34.1 pct YoY.
- Metro Brands- Margin at 26.4 pct vs 32.2 pct, net profit flat YoY
- Sequent- EBITDA loss at Rs 3.4 cr vs profit, revenue down 4.5 pct YoY
- Galaxy Surfactants- EBIDTA declines 7.4 pct, revenue down 7.4 pct YoY
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