Markets opened gap down on Wednesday but managed to recover from lows of 19333 in Nifty 50 to finally end with losses of less than 0.5 pct. The Sensex formed “Hammer” pattern on daily candlestick indication some buying attempt at lower levels but with massive quantum of selling from FII (Rs. 44,000 mn in cash market & Future segment) expect rebound to remain unsustainable. The Next Notes Nifty Price Return 2x leverage Index actively traded in Tokyo exchange is on verge of breaching support line of “Rising Wedge” and this may force Nifty 50 to end lower 10 pct in immediate terms. For Today’s trading session any move below 19333 should trigger sudden sell off of 10 pct.
Nifty 50 in JPY and Sensex 30 chart
Stocks to watch
Positive Read through
- Hero Moto – Company has received 13,688 bookings for the Karizma Xmr; deliveries will begin this month.
- Bandhan Bank – Q2 CASA ratio 38.5 pct versus 36 pct QoQ, deposits rose by 12.80 pct YoY.
- IEX – September overall volumes are up BY 13 pct YoY, while dam average clearance prices are up by 11 pct.
- L&T Fin – Q2 retail disbursements are up by 31.80 pct YoY, while retail AUM is rises by 33.40 pct.
- RBL Bank – Q2 deposit growth is the highest in 8 quarters, with advances increased by 10.30 pct YoY.
- PNB – Deposits increased by 9.65 pct in the Q2, while advances increased by 13.8 pct.
- HCG – Plans to buy a cancer care center and a radiation business in Indore.
- J&K Banks – Q2 deposits increased by 9.4 pct YoY, while advances increased by 16 pct.
- Suryoday Sfb – Q2 deposits up by 52 pct, advances up by 29 pct YoY.
- HAL – Indian Air Force to procure more 97 LCAs.
Negative Read through
- ONGC – Crude see a fall, Bret Hovers around 1 month low of USD 86/bbl.
- Marico – Q2 volumes grew in single digit YoY, expects robust gross margin expansion.
- NHPC – Because of Sikkim Flash flood company project on Teesta River in trouble, shuts operation.
- Navin Fluorine – Jefferies downgrade, search is underway for MD replacement.
- Sheela Foam – Company gets tax demand of Rs. 202 mn from Commissioner of GST.
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