Markets for the week ended with marginal gains after Friday’s decline wiped out most of the weekly gains and led to the formation of gravestone doji on candlestick. Gravestone doji in the past has been often associated with trend reversal provided prices trades firmly below its lowest point. In the current context, 22,348 in Nifty terms should be seen as a crucial support for maintaining its current momentum. Friday’s decline was mainly contributed by slide in Reliance Industries while broader markets remained firm. This clearly indicates that markets still have upside potential intact with upside target seen towards 23,500 in the days to come. With sharp underperformance in technology sector, it’s clear that next leg of rally is likely to be dominated from banking sector and Bank Nifty could be testing levels of 53000 soon.
Result Today – Godrej Consumer, Marico, Lupin
Nifty 50 Chart
Stocks to watch
Positive Read through
- Kotak Mah – YoY deposit growth best in 22 quarters, NIM rises vs estimates of a decline.
- Britannia – Q4 earnings in-line with estimates, volume growth at higher end of estimates.
- M&M Fin – Asset quality stable, one- time provisions made for fraud, NII up 16 pct.
- DRL – Launches doxycycline capsules in US, used to treat bacterial infections.
- Tata Power – Power purchase agreement with SJVN for 460 MW FDRE project.
- Muthoot Fin – Belstar Microfin files for Rs. 13 bn IPO.
- LIC – IRDAI nod to replenish excess FY23 expenses from shareholder account.
- Zydus Life – Acquires rights for Progeria treating drug Zokinvy for USD 45.2 mn.
- MRPL – Margin at 9.20 pct vs 4.80 pct, EBIDTA rises 97 pct QoQ.
- Anup Engg – EBIDTA up 23.40 pct, margin at 23.8 pct vs 21 pct YoY.
- Avenue Supermarts – Gross margin rises 50 bps, eCOMM business turns EBIDTA positive.
- Kansai Nerolac – Decorative paint records double-digit volume growth, sales up 2 pct YoY.
- J&K Bank – Profit up 34.10 pct, NII rises 4.50 pct YoY.
- CDSL – Sales up 12.1 pct, profit rises 20.2 pct QoQ.
- Birla Corp – Margin improves QoQ, to invest Rs. 4.25 bn for capacity expansion.
- Angel One – April gross client acquisition rises 97 pct, average daily orders up 69 pct YoY.
Negative Read through
- Titan – Earnings miss estimates, jewellery business margin slips 80 bps YoY.
- Aurobindo – US FDA issues 7 observations for unit-II of formulation manufacturing unit at Bhiwadi.
- Tata Tech – Profit down 27 pct YoY, CC sales growth at 0.3 pct QoQ.
- Tatva Chintan – EBIDTA down 3.70 pct, sales slips 21 pct YoY.
- Aarti Drugs – EBIDTA down 8.20 pct, sales slips 16.5 pct YoY.
- Zen Tech – Margin at 33.40 pct vs 40 pct, EBIT up 18.50 pct QoQ.
- Paytm – Bhavesh Gupta resigns as COO & President with effect from May 31.
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