Markets opened with a gap up on Thursday and extended gains to close at the highest point on expiry with Sensex posting gains of +1000 pts with support from broader markets. The Wave (3) impulse breakout is in an activated mode which has the potential to take Nifty towards 18982 in a quick span of time on the back of short covering.
The breakout in BSE Bankex in Euro terms would ensure FII’s aggressive push in the long index derivatives market to take advantage of the 15% upside in Bank Nifty. Aggressive long positions to be added above 17250 as call writers would run for cover.
Nifty Daily & Bse Bankex in Euro
Stocks to watch
Positive Read through
- Aban Offshore Gets a rig contract from ONGC for three years
- Ajanta Pharma 1Q Net Income +0.6% Y/y to 1.75b rupees, beats est. 1.54b; revenue +27% to 9.51b
- Dr. Reddy’s Lab 1Q Net Income 11.9b rupees vs. 5.7b y/y, beats est. 6.99b; revenue +6.1% to 52.2b
- Jubilant Foodworks To buy 40% in Roadcast Tech Solutions for 149.5m rupees
- Mangalore Refinery and Petrochemicals: 1Q Net Income Beats Estimates
- PNB Housing 1Q Net Income +1.3% Y/y to 2.38b rupees, beats est. 1.62b; revenue -16% to 14.04b
- Religare Enterprises SEBI Fines Singh Brothers Rs 100mn Each in Religare Case
- TVS Motor TVS Motor 1Q Net Income 3.21b rupees vs. 531.5m Y/y, beats est. 3.03b; revenue +53% to 60.1b
Negative Read through
- Equitas Small Finance Bank 1Q Net Income 970.1m rupees vs. 119.3m Y/y, misses est. 1.31b; Goss NPA 4.1% Vs. 4.14 q/q
- Nestle India Nestle India 2Q Net Income 5.15B Rupees, Est. 5.74B Rupees
- SBI Life Insurance 1Q Net Income +18% Y/y to 2.63b rupees, misses est. 4.53b; Net premium income +33% to 110.4b
- Vedanta 1Q net income +4.7% Y/y to 44.2b rupees, misses est. 45.73b; revenue +36 to 382.5b
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