Markets on Tuesday although restricted losses to the extent of 0.6%, but the spread of Nifty 50-Nifty 500 Index has violated the long-term support which may force aggressive shorting in Indian markets through index and stock futures. Previously in August end, markets managed to post strong rebound when the spread of Nifty 50-Nifty 500 Index reversed from the similar support. After yesterday’s closing below support line, we expect new trend to emerge where slide in Nifty is likely to accelerate further with immediate target seen at 18,500.
Nifty 50- Nifty 500 Spread
Stocks to watch
Positive Read through
- Bajaj Finance – Q2 AUM growth is best in 15 quarters, deposits increases by 39 pct YoY.
- Vedanta – Q2 total aluminum production rises by 2 pct, power sales up by12 pct YoY.
- Nestle – To consider quarterly results & stock split, board meet on Oct 19.
- IDFC First Bank – Company to launch QIP, to raise up to Rs. 30,000 mn.
- RVNL – For HP State Electricity Board’s project worth Rs. 4,442 mn company is the lowest bidder.
- Avenue Supermarts – Standalone sales rises by 18.5 pct YoY, 9 stores added in Q2.
- Titagarh Rail – Rs. 8,570 mn project bags from Gujarat Metro Rail Corporation.
- Apl Apollo – Reported highest quarterly revenue volume in Q2 at 6.74 lk tonnes, up by 12 pct.
- Bank Of Mah – Q2 deposits increases by 22.20 pct, advances rises by 23.54 pct YoY.
- Yes Bank – in 6 quarters reported best QoQ deposit growth & in 8 quarters best loan growth.
- South Indian Bank – Q2 gross advances rises by 10.3 pct, total deposit rises by 9.8 pct YoY.
- Tata Motors- Tata Tech files addendum to DRHP with SEBI.
- Lupin: Company introduces patient support program for diabetes.
- ICICI Bank: Raises Rs 4,000 crore via bonds to fund business growth.
Negative Read through
- Polyplex – To Dubai based AGP Holdco, promoter to sell 24.3 pct stake for Rs. 11,890 mn.
- Bajaj Finserv – From DG GST arm gets tax demand of Rs. 10,100 mn.
- Maruti – For FY20, I-T department issues draft assessment order.
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