Market Morning Notes For 16th October 2024
Markets on Tuesday failed to carry on positive momentum despite higher opening and later succumbed to selling pressure leading to trend reversal pattern of dark cloud cover. The inability to cross previous week high of 25,234 exhibits weakness for markets with high likelihood of breaching support of 24,700. The overall view suggests that markets are getting positioned for a larger decline in days to come and breach of 24,700 should provide a green signal for opening aggressive shorting. The downside potential of sub 22,000 levels is already visible on radar for time horizon of 1-3 months.Result Today – Bajaj Auto, LTTSNifty50 ChartStocks to watchPositive Read throughRil, Airtel, Voda Idea – Telecom sector ROI is critical, Indian tariffs lowest,’ Telco Ministry.Cochin Shipyard – Government divest up to 5 pct stake via OFS, floor price Rs. 1,540/share.Ceigall – Emerges lowest bidder for a construction project worth Rs. 2.07 bn in Ranchi.Strides – Associate company Onesource specialty receives commitments for Rs. 8.01 bn fund raise.Railtel – Got project of Rs. 798 mn from Maharashtra Housing & Area Development authority.Godrej Props – Highest bidder for 3 adjoining plots in MMR, sales potential Rs. 35 bn.Pnc infra – gets order worth Rs. 4,630 cr for two projects from msrdc.Ashoka Buildcon – Gets LoA for a project worth Rs. 11.26 bn from BMC.HDFC Life – Revise APE growth outlook to 18-20 pct vs 15 pct earlier.GR Infra – Get LoA of Rs. 18.85 bn from Maharashtra State Road Development Corporation.Rallis – EBITDA grew 24 pct, sales rose 11 pct YoY.Alpex Solar – Secures Rs 2.77 bn order from leading PSU.Oil downstream Stocks – Brent crude oil futures sank 5 pct below USD 74.Negative Read throughKEI Ind – Margin slipped 70 bps YoY, board approves Rs. 20 bn fund raise via QIP.Vedanta – Vedanta Resources raises USD 125 mn from Standard Chartered.Financial planning platform where you can plan all your goals, cash flows, expenses management, etc., which provides you advisory on the go. Unbiased and with uttermost data security, create your Financial Planning at Rs. 2499/-Disclaimer: The views shared in blogs are based on personal opinions and do not endorse the company’s views. Investment is a subject matter of solicitation and one should consult a Financial Adviser before making any investment using the app. Making an investment using the app is the investor’s sole decision, and the company or its communication cannot be held responsible for it.
