Market Morning Notes For 18th October 2024
Markets activated larger decline led by broad based selling with Nifty breaching key support of 24,800 despite strength in global markets. The 2 yrs of bullish setup in Tokyo Nifty inverse suggest that Nifty 50 Index likely is to be positioned for 20% fall in the coming months with immediate target seen at 22,900. The Nifty has entered free fall zone below 24,800, after which wider single day volatility ranging from 2-5% may take its course.Result Today – Tata Consumer, Jio FinNifty 50 Chart Stocks to watchPositive Read throughMazagon – To consider stock split in Oct 22 board meet.Reliance – Reliance brands holding UK & Mothercare PLC form 51:49 JV for South Asia.Landmark Cars – LoI from BYD India to open showroom in Faridabad, Haryana.IRCTC – No impact on internet ticketing sales from change in advance reservation period.Western Carriers – Selected as sole supply chain partner for Tata Steel Sponge Iron Joda plant.STL – Embeds Nvidia Edge Al into its fibre optics sensing solution.Negative Read throughWipro – Q3 guidance disappoints at -2 pct tο 0 pct, EBIT margin at 16.8 pct vs 16.5 pct (QoQ).Infosys – No positive surprise, FY25 sales guidance raised to 3.75- 4.5 pct.Axis Bank – YoY loan growth is the lowest in 12 quarters, NIM at an 8-quarter low of 3.99 pct.Prestige Estates – Q2 sales volume dropped 56 pct, sales value declines 43 pct YoY.City Gas Cos – APM gas allocation to the sector cut by 15-21 pct.LTIMindtree – CC sales growth below estimates at 2.3 pct, margins expanded 50 bps QoQ.Tata Chem – EBITDA fell 24.5 pct, margin at 15.5 pct vs 20.5 pct YoY.CEAT – Raw material price & higher employee costs drag margin, debt grew Rs. 2.38 bn QoQ.Μanappuram Fin – RBI bars Asirvad MFI from sanction, disbursal of loans.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.
