Good morning Investors,
Today’s Pre-Market Report is Here
One Live View: Nifty chart in on uptrend with Lok Sabha election remain as key driver
1. Indices Movement
Gift Nifty - 23,031.00(-0.04%)
Index | LTP | Change (%) | Technical Rating |
Nifty50 | 22,957.1 | -10.55(-0.05%) | STRONG BULLISH |
Bank Nifty | 48,971.65 | 203.05 (+0.42%) | STRONG BULLISH |
Sensex | 75,410.39 | -7.65 (-0.01%) | STRONG BULLISH |
The Indian stock market had a strong week, reaching new highs on the back of positive corporate earnings and domestic data. This positive sentiment is expected to continue, but with some volatility due to the upcoming Lok Sabha elections. Investors will be closely watching auto sales data and GDP numbers for further signals. Large-cap stocks, such as Reliance and HDFC, led the rally. The upcoming week also includes the monthly derivatives expiry, which could extend the current market upswing.
2. Foreign Investors Update
Foreign Investors were new Buyers on Thursday.
Participant | Trend | NET CHANGE (Stocks) |
FIIS | MILD BEARISH | -686 Cr |
DII | MILD BULLISH | +962 Cr |
FII index futures turned Strong Bearish and options turned to volatile.
3. Market Mood:
Technical indicators suggest a continuation of the positive trend in the street next week. The Nifty 50 is showing a bullish candlestick pattern and a higher high-higher low formation on the weekly charts, supported by a positive RSI crossover at 67.26. This indicates the index may reach the upper band of the rising channel at 23,100-23,200 soon. If it sustains above this level, it could climb to 23,500, with key support at 22,800-22,700.
Technical Rating of Nifty:
Resistance based on pivot points: 23,009.06, 23,037.00, and 23,082.23
Support based on pivot points: 22,918.60, 22,890.66, and 22,845.43
Nifty Daily Technical Chart - Give a Glance
Don’t get into much details on chart if you find it difficult to reach charts
4. Top Stocks:
Divi's Laboratories: EBITDA margin rose to 31.7%, beating estimates. Revenue grew 18.1% to ₹2,303 crore; net profit surged 67% to ₹538 crore. Backward integration stabilized margins despite lower API prices. Cash reserves at ₹3,200 crore.
Hindustan Copper: Margins neared 40% due to reduced costs. Net profit fell 6% on lower other income. Revenue flat at ₹565 crore. Rising copper prices may boost future margins.
Aurobindo Pharma: Revenue up 17.1% to ₹7,580.5 crore; US sales at $432 million. Strong growth in Europe, other markets offset lower US sales. Margins above 20% for second quarter despite a ₹122 crore loss.
Manappuram Finance: Highest gold tonnage growth in nine quarters. Net Interest Income up 33.2% to ₹1,580 crore; net profit up 35.7% to ₹563.5 crore. Operating profit up 52.3%; NPAs decreased.\
SPARC: Net loss widened to ₹105.8 crore. Revenue dropped to ₹16.56 crore. CFO resigning June 5. Plans to raise ₹1,800 crore.
Torrent Pharma: Revenue grew 10.2% to ₹2,745 crore; EBITDA in line with estimates. India revenue up 10%; US sales down 6%. Plans to raise up to ₹5,000 crore.
Glenmark: Revenue up 2% to ₹3,062 crore; EBITDA increased 27%. Net loss widened to ₹1,218 crore. India revenue up 12.9%; North America down 12.4%.
Sundaram Finance: Disbursements up 18.1%; AUM up 27.3%. Net Interest Income rose 20%; net profit surged 60%. NPAs decreased.
Affle India: Revenue up 42.3% to ₹506.2 crore. Net profit up 40% to ₹87.5 crore. Achieved highest revenue, EBITDA, net profit to date.
MM Forgings: Board meeting on May 29 to discuss bonus issue, dividend, and earnings.
5. Brokerages Update:
Stock | Research Broker | Type | Target | % Change |
Devyani International | KRChoksey | ACCUMULATE | 172.00 | 13.31% |
Pitti Engineering Ltd. | KRChoksey | BUY | 1,132 | 28.82% |
Greenply Industries | BOB Capital Markets Ltd. | BUY | 320 | 24.08% |
CreditAccess Grameen | Geojit BNP Paribas | ACCUMULATE | 1,628 | 16.72 |
CIPLA | Geojit BNP Paribas | BUY | 1,685 | 13.36 |
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