Markets for the week succumbed to selling pressure after failure to sustain above 26,000 mark in Nifty and was followed with sharp decline over 4% on back of unrest in the Middle East. The weekly setup turned out to be bearish belt hold line pattern suggesting a major reversal and a close below 25,160 is likely to trigger follow-up selling in the near term with potential target seen at 22,800. Also, very crucial to watch would be USDINR which is gearing for breakout above 84 for a target of 88, which may have significant impact on Bank Nifty.
Nifty 50 Chart
Stocks to watch
Positive Read through
- Antony Waste – Arm bags contract worth Rs. 9.08 bn from Navi Mumbai Municipal Corp.
- Gravita – Board approves fund raise up to Rs. 10 bn via issue of equity shares.
- Titan – Q2 jewellery business sales up 26 pct, domestic like-to-like sales growth in mid-teens YoY.
- Kalyan – Q2 consolidated sales growth at 37 pct, same-store-sales-growth at 23 pct YoY.
- Tata steel – Q2 India production up 4.98 pct, India business deliveries rise 5.8 pct YoY.
- Landmark Cars – Gets LoI from Mercedes-Benz India for a dealership in Patna.
- Senco Gold – Board approves fund raise of up to Rs. 5 bn QIP, 1:2 stock split.
- Adani Wilmar – Overall Q2 sales growth at 16 pct, edible oil business volume growth at 15 pct YoY.
- Max Healthcare – Avails short-term loan of Rs. 10 bn from Axis Bank.
- Macrotech – Q2 pre-sales jumped 21 pct, collections rise 11 pct YoY.
- CG Power – Acquires radio frequency components business from Renesas for Rs. 3.03 bn.
- Tata Motors – September JLR UK sales at multi-month highs, up 33 pct YoY.
- Metropolis – Q2 sales grew 13 pct, B2C business sales up approx 20 pct YoY.
- Gail – MoU with AM Green U to develop up to 2.5 GW RE & green chemical project.
- JSW Steel – Commissions 4.5 MTPA capacity blast furnace at Vijayanagar, Karnataka.
- IDBI Bank – Total Q2 deposits grew 11 pct, CD ratio at 72.4 pct vs 67.55 pct YoY.
Negative Read through
- Godrej Prop – Q2 bookings declined 40 pct, sales volume tumbled 39 pct QoQ.
- IndusInd Bank – Q2 YoY loan growth at 10-qtr low, CASA ratio of 35.9 pct at 33 quarter low.
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