Market Morning Notes For 4th June 2024
2 min read
Markets reacted positively to exit poll numbers leading to a gap up opening well above 23,000 mark and settled with gains of over 3% in Nifty 50 terms while Bank Nifty surged to 4%. After yesterday’s up move, Nifty has thrown a hanging man formation on candlestick which generally earmarks a reversal pattern, and markets are likely to see major decline if the actual numbers fall below the exit poll predictions. At present, markets have priced in optimism and maximum upside possible in Nifty terms could be around 24,000 coming days. On downside, in case of any disappointment, Nifty is expected to react towards 20,900 as shown from projection of rising wedge breakdown.
Nifty 50 Chart
Stocks to watch
Positive Read through
Maruti Suzuki – Company’s Swift achieves 40,000 bookings within just one month of its launch.
Zee Ent – To consider fund raising on June 6 via issuance of equity shares.
RVNL – Gets letter of acceptance for a project worth Rs. 4.40 bn from South Central Railway.
Biocon – Company receives US FDA approval for antifungal drug manufacturing.
Adani Ports – Sets ambitious goals to expand operations over the past decade in India and abroad.
Coal India – May coal production at 83.91 MT, up 10.15% YoY, as per Coal Ministry.
PNB – Bank signs MOU with India Infrastructure Finance Company.
Oil Downstream – Brent oil dropped below USD 80 for the first time since February.
M&M Financial – May overall disbursements up 7 pct YoY at Rs. 44.30 bn.
Lupin – Launches generic drug Doxycycline in U.S. market to prevent bacterial infections.
VPRPL – Order book as on FY24 stands at about Rs. 47.17 bn to be executed over next 24-36 months.
Negative Read through
Ge Power – Yogesh Gupta resigns as CFO with effect from July 23.
JP Associates – Faces bankruptcy case for nearly Rs. 300 bn due to ICICI Bank, SBI and others.
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