Markets on Tuesday witnessed sharp turnaround with Nifty rebounding from lows of 23,850 and ended higher by 1% on back of surge in Bank Nifty. In the past few days, Nifty has been unable to cross above the 200-exponential moving average on consistent basis and these could be signs of change of polarity. Change of Polarity occurs when earlier support turns in resistance and thus, we expect next leg of decline which may resume from 24,450-24,500 zone for an immediate target towards 22,000. Overall view suggests a cautious approach ahead of key global market events lined up this week.
Results Today – Power Grid, Tata Steel, Apollo Hospitals
Nifty 50 Chart
Stocks to watch
Positive Read through
- NTPC – Board clears thermal projects worth nearly Rs. 800 bn.
- Mankind Pharma – Sales up 13 pct, reiterates FY25 EBITDA margin guidance.
- Dr Reddy’s – Sales growth beat estimates, reiterates FY25 guidance.
- Route Mobile – To launch e-ticketing for L&T’s Hyderabad Metro.
- Max Health – Sales growth above estimates, occupancy at 81 pct vs 77 pct YoY.
- Eclerx – Posted Q2 CC sales growth 5.7 pct vs 1.6 pct, USD sales jumped 6 pct QoQ.
- Premier Explosives – Bags order worth Rs. 892 mn from Singareni Collieries Company.
- RVNL – Consortiums declared lowest bidders in projects worth Rs. 56.21 bn.
- Indian Hotels – Acquires majority stake in the operating company of tree of life.
- IEX – Oct electricity traded volume grew 4 pct at 5 9,642 MU, dam market volume declined 7 pct YoY.
Negative Read through
- Berger Paints – EBITDA tumbled 8.3 pct, margin at 15.6 pct vs 17.1 pct YoY.
- Titan – Posted Q2 below estimates, management cuts jewellery EBITDA margin guidance.
- Manappuram – YoY AUM growth lowest in 6 quarters, asset quality deteriorates.
- Hind Zinc – Govt to divest up to 2.50 pct stake via OFS, floor price Rs. 505/s.
- Datamatics – EBITDA tumbled 17.1 pct, margin at 12 pct vs 15.6 pct YoY.
- Triveni Engg – EBITDA dropped 93 pct, margin at 0.3 pct vs 4.5 pct YoY.
- JK Tyre – Reported weak earnings, gross margin contracted 270 bps QoQ.
- Oil India – EBITDA slipped 11.5 pct, margin at 41.6 pct vs 46.3 pct QoQ.
- Gail – Posted Q2 below estimates, EBITDA fell 17 pct QoQ.
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