Markets last week posted gains with Nifty rallied over 2% while Bank Nifty gained more than 3% on the back of a recovery in global markets sentiments and optimism returning for the Diwali week. The Mahurat trading day also saw gains extended further by 1% but most importantly there was breakout confirmation in the spread of the Nifty 50- Nifty 500 Index on a daily basis.
The impact of such a breakout will divert broader market funds to the Nifty 50 index in a quick span of time which lead the Nifty 50 Index to cross 18600 in a quick span of time. Earlier market turns occurred when such spread had entered the resistance zone daily.
The overall parameters suggest that the market has set up a stage for heading toward 19867 in 15-20 trading sessions. But really would be mainly driven by short covering in the derivatives segment.
Nifty 50 ETF & Spread Nifty 50- Nifty 500 Index
Stocks To Watch
Positive Read Through
- United Spirits Overall Volumes Up 9%, Prestige & Above Volumes Up 14% YoY
- ICICI Bank strong Q2, 27 qtr High Loan Growth, Global NIM at 4.31%
- SBI Life APE is down 1% VNB is up 24% & VNB margin is at 31.6% vs 25.2%
- Kotak Mah Bank NIM at Mutli-yr High of 5.2%, loan growth at 25.1%YoY
- DLF New Bookings Up 36% YoY, ‘Demand Remained Buoyant’
- Zydus Life US FDA Nod For Ketorolac Tromethamine Tablets
- VIP Ind Revenue Rises 25%, EBITDA Up 6.8%, Margin At 13.9% Vs 12.7% YoY
- KEC Intl Bags New Orders Worth 2,042 Cr Across Various Businesses
Negative Read Through
- IGL EBITDA/SCM At `7.10 Vs Poll Of 8.80, Margin 14.8% Vs Poll Of 17.7%
- Torrent Pharma Revenue & EBITDA Miss Estimates Marginally, US Declines QoQ
- Amber Ent Earnings Below Estimates, Loss At `3 Cr Vs Profit Of `7 Cr YoY
- Natco Pharma FMC Appeals Against Natco’s Launch Of CTPR
- Meghani Org Fire Incident At Pigment Plant At Dahej SEZ
- Reliance IND mixed Q2, Strong Jio & Retail Earnings, O2C a drag
- HUL Gross margin at Multi quarter low, volume growth at 4%
- JSW steel operating profit slips 83% margin 4.2% vs 32%YoY
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