Markets for the week ended lower with the Nifty declining by 0.5% after it failed to sustain above the key resistance of 17140 as India VIX continued to trade above the 19% mark.
The short-term correction in the market may be completed once the Nifty hits 16671 and is likely to be followed by a rally towards 19867 till May end.
The broader index namely the Nifty 50 equal-weighted index has also confirmed a bullish setup where a bullish pennant can be witnessed and a major bottom of 2.5% lower from current levels.
Overall view on the market remains positive with buy on the decline as an appropriate strategy.
Expects the market to open on a weak note on account of the sharp decline in the global markets. US market fell by 3% on Friday and most of the
Asian markets open on a soft note on the expectation of the US Fed aggressively hiking interest rates, soaring global inflation, poor US corporate earnings, and geopolitical tension which may negatively impact the market.
Nifty 50 Eq Weight Index
Stocks To Watch
Positive Read Through
- Tata Motors Ltd.’s passenger vehicle segment rose 66% over the year-ago period to 41,587 units in April 2022, Overall, Tata Motors’ sales rose 73% to 72,468 units in April.
- Tata Motors Ltd.’s passenger vehicle segment rose 66% over the year-ago period to 41,587 units in April 2022, Overall, Tata Motors’ sales rose 73% to 72,468 units in April.
- Tata Motors Ltd.’s passenger vehicle segment rose 66% over the year-ago period to 41,587 units in April 2022, Overall, Tata Motors’ sales rose 73% to 72,468 units in April.
- IndusInd Bank- Gross NPA at 5-qtr low, NIM best in 7 Qtrs
- Eicher Motor has sold 62,155 motorcycles during April 2022, as compared to 53,298 units in April 2021, registering an increase of 17% YoY
- Escorts April sales, registering a growth of 19.3 percent as against 6,979 tractors sold in April 2021
- Coal India- April production up 28%, offtake rises 6.1% YoY
- Yes Bank- First FY profits in 3 years, GNPA 13.9% vs 14.6% QoQ
- Eicher MotorV sales up 157.6% YoY
- Gujarat Gas- Ups Morbi Ind prices bu Es 5 per SCM, removes volume restrictions
- Tata Chemicals- Revenue up 32%, EBIDTA up 132%, margin 18.8% vs 10.7%
- SBI Cards stree reduces but credit cost remains elevated, loses market share
Negative Read Through
- Airline stocks in focus- Jet fuel prices hiked by 3.2%, 9th straight increase this year
- Maruti – Maruti Suzuki, reported a 5.6% fall in sales as it sold 1,50,661 units in April
- Wipro- Q4 dollar revenue up 3.1%, in line with estimates, Q1 guidance tepid at 1-3%
- Hero MotoCorp has sold 418,622 units in April 2022, increase 12.4%
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