Markets extended gains on Monday with Nifty closing convincingly above the May month high of 18089 with the broader market outperforming main indices. The short-term setup in Nifty has also confirmed the breakout from a broadening expanding wedge which projects a minimum target of 19300 and a new base is seen at 18050. The sudden surge in India’s VIX by 5% may be considered a short-term spike which should be followed by a deeper decline toward the 9% mark in the coming days. The overall view remains bullish with buy-on-decline turning as an appropriate strategy.
Nifty 50 Index Daily
Nifty 50 Index Daily
Positive Read through
- Bharti Airtel, Dialog Axiata Plc, and Axiata Group Berhad have entered a binding term sheet to combine the operations of Bharti Airtel Lanka.
- BL Kashyap has secured new order worth Rs 238 crore, from Embassy Construction.
- Interglobe Aviation- Go Air declares insolvency; to remove 9 pct of domestic supply. Indigo to benefit
- JSW Steel USA to invest USD 145 mn to upgrade manufacturing operations
- Godrej Consumer is to consider raising upto Rs 5000 cr via NCDs on May 10
- Cummins- Parent Co, Cummins Inc India sales rise 2 pct YoY, guidance unchanged
- Cipla- USFDA issues zero observations to cos Invagen unit in the US
- KEI Inds- revenue up 9 pct, EBIDTA rises 18.5 pct, and margin at 10.4 pct vs 10.2 pct YoY.
Negative Read through
- Tata Steel Q4 profit is down 84 pct YoY at Rs 1,566.2 crore, impacted by weak operating performance and lower topline. Revenue declined 9.2 pct.
- Tata Steel Q4 profit is down 84 pct YoY at Rs 1,566.2 crore, impacted by weak operating performance and lower topline. Revenue declined 9.2 pct.
- Bombay Burmah- Go First files for bankruptcy
- M&M Financial- Apr collection efficiency at 6-mth low, disbursal down 33 pct MoM
- Grasim- fire at VSF manufacturing unit of the Co at Harihar, Karnataka on April 30
- Hindustan Zinc- Vedanta creates a pledge of 8.05 cr shares on April 28.
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