Markets formed a doji star on Tuesday with Nifty advancing for a sixth consecutive trading session while the breadth of the market remained negative. Doji star is seen as a sign of decisiveness and often acts as a warning signal before the actual top in the market. After the recent up move, markets seem to have stretched the upper limit and may witness a sharp reversal on close below 19100. On the upper side, the rally can only extend towards 19800 if India VIX manages to contract from existing levels of 11.7 back to the 9.2 mark.
Sensex top-9 stocks chart
Stocks to watch
Positive Read through
- BHEL- extends its gas turbines tech agreement with General Electric Tech GmbH Switzerland.
- LIC Housing Fin- Company to replace HDFC Ltd in Nifty Financial Services Index.
- Mankind Pharma- included in several Nifty indices including Nifty500, Nifty Midcap150, Nifty Midcap100 and Nifty200.
- AU Small Fin Bank- Total deposits up 27 pct at Rs 69,315 cr Vs Rs 54,631 cr YoY.
- Lemon Tree Signs license pact For A 48-room Property In Udaipur, Rajasthan.
- Lupin gets US FDA nod for its ANDA Dolutegravir tabs for oral suspension
- Samvardhana Motherson- SMRP B.V. to acquire 81% stake in Yachiyo’s 4W business.
- IndusInd Bank- Q1 net advances up 21% at ₹3.01 lk cr vs ₹3.47 lk cr, deposits rise 15% YoY
- Minda Corp- Societe Generale has bought 17.28 lakh equity shares
- Genus Power: in agreements with Gem View Investment for advanced metering infrastructure service provider concessions.
- Aurobindo Pharma announced positive results in phase 3 clinical trials for its proposed Trastuzumab
- RBL Bank- Total deposits in Q1FY24 grew by 8 pct YoY, gross advances increased by 20 pct YoY
- Bajaj Auto in tie-up with UK’s Triumph Motorcycles to introduce their new range of 400cc motorcycles
Negative Read Through
- Bandhan Bank: Q1 Loans & Advances down 5.5% QoQ & up 6.7 pct YoY at Rs 1.03 lakh crore.
- HDFC Bank- Standalone business QoQ loan growth at 26-qtr low, merged business loan up 0.6 pct QoQ.
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