Benchmark indices snapped their nine-day losing streak, helped by gains in Reliance, ITC. and State Bank of India, to end Tuesday's volatile session with gains.
The S&P BSE Sensex ended the day 228 points, or 0.61 per cent, higher at 37,319, with Sun Pharma, Bharti Airtel, Vedanta, IndusInd Bank, and State Bank of India among the top gainers. While Sun Pharma gained nearly 6 per cent, the rest of the above-mentioned counters moved up 2.3 per cent to 5.4 per cent. Of the 30 BSE constituents, 16 ended in the green.
The broader Nifty50 index finished 74 points, or 0.66 per cent, higher at 11,222. About 897 stocks advanced and 875 shares declined on the NSE.
Among sectoral indices, the Nifty PSU Bank index made the maximum gain, up almost 3 per cent, while Nifty Pharma index also rose 1.5 per cent. Nifty IT index ended the day in red, down 1.2 per cent.
In the broader market, the S&P BSE MidCap index rose 88 points, or 0.62 per cent, at 14,213, while the S&P BSE SmallCap index was up 42 points, or 0.30 per cent, at 13,844 level.
BUZZING STOCKS
Shares of Tata Steel traded lower for the ninth straight day on Tuesday, down 0.39 per cent on the BSE, at Rs 462.75 apiece. The stock has been falling ever since concerns over the European Commission's (EC) likely rejection for the proposed joint venture between the company's European arm and ThyssenKrupp surfaced. READ MORE
Jet Airways (India) slumped 7.42 per cent to Rs 129.10 on the BSE on Tuesday on a news report that Etihad Airways had put in stiff conditions in its bid that includes substantial write down of the Rs 9,000-crore loan. READ MORE
Fresh volleys in the US-China tariff war pressured Asian shares on Tuesday, but comments from US President Donald Trump that he expects trade negotiations to be successful eased some worries.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 1.1 per cent on Tuesday afternoon. The index had earlier fallen as much as 1.25 per cent to its lowest since January 30.
Brent crude futures were at $70.40 a barrel, up 38 cents or 0.24 per cent. US West Texas Intermediate (WTI) crude futures were at $60.92 per barrel, down 12 cents or 0.2 per cent.
(With inputs from Reuters)
3:42 PM IST
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3:27 PM IST
SRF shares hit a new high of Rs 2,621, up 6 per cent, in intra-day trade on the National Stock Exchange (NSE), after the company reported 54 per cent year-on-year (YoY) jumped in consolidated net profit at Rs 191 crore in March quarter, on the back of healthy revenue growth. The consolidated revenue grew 29 per cent at Rs 2,072 crore on YoY basis. The stock of has bounced back 12 per cent from its intra-day low of Rs 2,335 on the NSE. It surpassed its previous high of Rs 2,614 hit on May 2, 2019. READ MORE
3:16 PM IST
2:57 PM IST Shares of Vodafone Idea hit a new low of Rs 13 apiece, plummeting 10 per cent intra-day on the National Stock Exchange (NSE) on Tuesday, due to heavy volume trade. The stock of the telecom services provider was trading close to its rights issue price of Rs 12.50 per share. READ MORE
2:55 PM IST
A security flaw in WhatsApp, one of the most popular messaging apps in the world, allowed sophisticated attackers to install spyware on phones, the company said Tuesday, in the latest trouble for its parent Facebook. The vulnerability -- first reported by the Financial Times, and fixed in the latest WhatsApp update -- allowed hackers to insert malicious software on phones by calling the target using the app, which is used by 1.5 billion people around the world. READ MORE
SRF surges 12% from day's low; stock hits new high of Rs 2,621
SRF shares hit a new high of Rs 2,621, up 6 per cent, in intra-day trade on the National Stock Exchange (NSE), after the company reported 54 per cent year-on-year (YoY) jumped in consolidated net profit at Rs 191 crore in March quarter, on the back of healthy revenue growth. The consolidated revenue grew 29 per cent at Rs 2,072 crore on YoY basis. The stock of has bounced back 12 per cent from its intra-day low of Rs 2,335 on the NSE. It surpassed its previous high of Rs 2,614 hit on May 2, 2019. READ MORE
Vedanta rises almost 5%
Vodafone Idea hits new low, trades near rights issue price of Rs 12.5
Shares of Vodafone Idea hit a new low of Rs 13 apiece, plummeting 10 per cent intra-day on the National Stock Exchange (NSE) on Tuesday, due to heavy volume trade. The stock of the telecom services provider was trading close to its rights issue price of Rs 12.50 per share. READ MORE
Whatsapp confirms spyware attack, urges users to install latest version
A security flaw in WhatsApp, one of the most popular messaging apps in the world, allowed sophisticated attackers to install spyware on phones, the company said Tuesday, in the latest trouble for its parent Facebook. The vulnerability -- first reported by the Financial Times, and fixed in the latest WhatsApp update -- allowed hackers to insert malicious software on phones by calling the target using the app, which is used by 1.5 billion people around the world. READ MORE
Market check
Market check | Sensex up over 400 points
Bharti Airtel is trading over 6% higher
HDFC Securities on Vinati Organics
Last close: Rs 1,743
Target price: Rs 2,034
Recommendation: Buy
The company reported another strong quarter with sales jump of 39.5%YoY to Rs 2.96bn driven by volume growth 20%+ in ATBS. Sales in IBB that were impacted by the closure of the BASF plant in 3QFY19 resumed taking volumes and is expected to normalise in ensuing quarters.
ATBS plant capacity augmentation from 26ktpa to 40ktpa will be completed by the end of 2QFY20 with a capex of Rs 1.1bn. We expect volume growth at ~20% CAGR over FY20-22E based on growth in global demand coupled with a shortage in supply.
NEWS ALERT | China hints at resolving trade war with US: Reuters
- China and the United States both have the “ability and wisdom” to reach a trade deal that is good for both, a Chinese government’s top diplomat said, as US President Donald Trump said he thought recent talks in Beijing would be successful.
Sector watch | SpiceJet, IndiGo grab most slots of Jet Airways
We recommend a BUY on Larsen & Toubro (LT) with SoTP of Rs 1,794/sh. Reduction in subsidiaries losses, majorly provided transportation project overruns, order pick up in Domestic/International markets and strong cash flow make L&T an anchor play on infra investment and capex recovery. Higher services share in the mix will improve RoEs further. Working capital is at optimal levels. A tight lid on asset capex will only help further re-rating.
Eicher Motors’ 4Q APAT of Rs 5.4bn (-16% YoY, +2% QoQ), missed our estimates. The 30% EBITDA margin trajectory is behind. In our view, the new margin band is 26-29%. We are lowering estimates for FY20-21 by ~7%. Our revised SOTP is Rs18,900 (21x FY21E, earlier 22x). Re-iterate SELL.
Elara Capital on Parag Milk Foods
Last close: Rs 234
Target price: Rs 366
Recommendation: Buy
Parag Milk Foods (PARAG IN) net sales was up 30% YoY at INR 6.7bn, 13% higher than our estimates, led by 71% YoY growth in SMP, 19.4% of sales. VAD (62.7% of sales) grew by 21% YoY, led by 25% YoY volume growth. Liquid milk, 16.3% of sales, grew by 9% YoY. Gross margin shrank by 240bp YoY and 300bp QoQ, due to unfavorable mix as salience of SMP increased by 460bp to 19.4% and price hikes in response to milk inflation in terms of reduction on discount, down 400bp YoY, was taken only in March 2019. EBITDA was down 20.7% YoY at INR 437mn, 28% lower than our estimates. EBITDA margin was contracted 413.7bp YoY to 6.5%, due to gross margin contraction and higher other expenses, which were up 194bp YoY. PAT was up 20% YoY at INR 313mn, 5.8% higher than our estimates, due to higher other income, lower interest cost and tax rate (tax reversal from previous year).
NEWS ALERT | Edelweiss Q4 result
- Net profit at Rs 232.4 crore , up 3.3 per cent y-o-y
- Revenue at Rs 2,936 crore, up 13.8 per cent y-o-y
Bharti Airtel jumps on revision in payment plan
NEWS ALERT | ICRA downgrades PTC issued under 6 loan pools by DHFL
Aleert: PTC = Purchaser payouts/pass through certificates.
NEWS ALERT | L&T infotech arm partners with Temenos
- L&T arm, Syncrdis, enters into global strategic partnership for cloud solutions
NEWS ALERT | Bank of Baroda sets price for issuance of shares to Govt
- Bank sets price at Rs 117.65/share to issue shares on preferential basis.
Bank of Baroda gains 4%
Nifty Pharma index is trading a per cent higher
MARKET CHECK
Tech Mahindra slips 3.2%
DHFL shrugs off CRISIL's credit rating downgrade, gains 11% from day's low
Dewan Housing Finance Corporation (DHFL) shares rose 6 per cent at Rs 118 on the BSE, even as rating agency CRISIL downgraded rating on the company's commercial paper from “A3+” to “A4+” on concerns over more-than-expected reduction in liquidity. The rating continues to be on 'Rating Watch with Negative Implications'. READ MORE
HDFC Securities on ITC
ITC remains our top pick in the large cap consumer space, as its growth trajectory is rising at a time when the ask rate remains low (unlike its peers), given its steep valuation discount vs. the sector (~40%). We expect the valuation gap to narrow as growth converges with the sector.
Nifty IT index tumbles almost 2%
Delta Corp surges 10%
Adani Power surges over 5%
Nifty Auto index hits 3-year low; down 12% in a month
Shares of automobile and auto-related companies were under pressure with Nifty Auto index hitting 3-year low on Tuesday on subdued volume growth and disappointing set of financial numbers for the quarter ended March 2019 (Q4FY19). At 10:27 am, Nifty Auto index was down 1 per cent at 7,860 after hitting an intra-day low of 7,858, its lowest level since April 11, 2016 on the National Stock Exchange (NSE). In the past one month, auto index has plunged 12 per cent, as compared to 4.4 per cent fall in the benchmark Nifty 50 index. READ MORE
Nifty PSU Bank index is trading 1.4% higher
Sectoral trends on NSE
Top gainers and losers on S&P BSE Sensex
Market check
Market check
IPCA Labs down over 3%
Buzzing | Oberoi Realty loses nearly 5%
Sharekhan on GNA Axles
Last closing: Rs 283
Outlook: Positive
Operating performance marginally ahead; PAT in-line: During Q4FY2019, GNA Axles (GNA) reported better-than-expected operating performance, reporting an impressive 160 BPS y-o-y margin improvement. Operating margin also improved on a q-o-q basis despite a marginal fall in topline. Revenue at Rs. 242 crore grew strongly by 18% y-o-y (in line with our estimates) attributable to robust export growth, while domestic business was subdued.
Tata Steel nears 52-week low on concerns over no JV with Thyssenkrupp
Shares of Tata Steel were trading lower for the ninth straight day on Tuesday, down 2 per cent in the intra-day trade on the BSE, at Rs 462 apiece on Tuesday during the early morning trade. The stock has been falling ever since concerns over the European Commission's (EC) likely rejection for the proposed joint venture between the company's European arm and ThyssenKrupp surfaced. READ MORE
SAIL slips nearly 3%
MARKET CHECK
HDFC Securities on Cadila Healthcare
Post its recent correction, the stock is available at 20x FY21E EPS. With a nearly Rs 33bn domestic franchise, the ability to generate Rs 10-12bn FCF every year and 18-20% ROEs, TRP merits a higher multiple, in our view. We have increased our multiple from 22x to 24x. Upgrade the stock to BUY with a revised target price of Rs 2,000 (24x FY21E EPS).
Jet Airways (India) slumped 10 per cent to Rs 126 on the BSE in early morning trade on Tuesday, falling 17 per cent in the past two trading days, following a news report that Etihad Airways had put in stiff conditions in its bid that includes substantial write down of the Rs 9,000-crore loan.
Moreover, the cash-strapped airline on Tuesday said Deputy Chief Executive Officer and Chief Financial Officer (CFO), Amit Agarwal has resigned from the company "due to personal reasons, with effect from 13 May 2019." READ MORE
Motilal Oswal Financial Services on Muthoot Finance
RECO: Neutral
TARGET PRICE: Rs 560
Over the past few quarters, MUTH has received a tailwind to growth from increasing gold prices and stronger demand. Short loan tenure has ensured positive ALM. This, along with sufficient balance sheet liquidity, has helped it in accessing debt capital at competitive prices. The subsidiaries are also gaining scale and becoming key value contributors – though we do not expect profit from the subsidiaries to exceed 10 per cent of consol. PAT over the near term. We largely maintain our estimates. Maintain Neutral with a TP of Rs 560 (1.8x FY21E BVPS).
RBL Bank gives up nearly 3% in trade
HDFC sees sudden slip in trade
Expert Quote | Deepthi Mathew, Economist, Geojit Financial Services on CPI data
"The inflation rate in the country is slowly picking up reaching a six month high at 2.92 per cent for the month of April. Food and beverages having the largest share registered a YoY growth rate at 1.38 per cent in April compared to 0.66 per cent in March. The domestic economy has not yet started feeling the pressure from rising crude oil price, with the growth rate of fuel and light marginally increased from 2.34 per cent in March to 2.56 per cent in April. With the inflation rate within the permissible level, RBI might go for a rate cut in its next MPC meeting scheduled for June. However, the rising crude oil price is going to pose a big challenge for the Central Bank, as it could lead to an overall increase in the price level."
Adani Ports gains 2% during early trade
Motilal Oswal Financial Services on HDFC
The company is sitting with strong capitalisation (Tier I 17.6%) – networth has doubled (to Rs 737b+) over FY17-19, helped by a capital raise of Rs 120b+, warrant conversion of INR55b+ and strong internal accruals. We largely maintain our estimates. Maintain Buy with an SOTP-based target price of Rs 2,330.
Karnataka Bank slips over 5%
YES Securities on Inox Leisure
We remain positive on the stock led by strong content pipeline driving footfalls, aggressive screen expansion plan, premiumization, improved focus on entering new cities, higher conversion rate enabling improved SPH and continued focus on improving its advertising revenue. At CMP, the stock is attractive at 10.5x FY19 EV/EBITDA.
Tata Steel slips in trade
Jet Airways skids 8%
- Media reports suggest the airline's CFO has tendered resignation.
- No revivial plan in progress
Rupee recovers marginally, opens 7 paise higher against US dollar
The rupee on Tuesday opened 7 paise higher at 70.44 against the US dollar on Tuesday amid weak global cues and rise in crude oil prices. The domestic unit on Monday fell sharply by 59 paise to close at nearly two-and-a-half-month-low of 70.51 due to persistent foreign fund outflows and renewed worries over rising crude oil prices Domestic investors kept weighing weak cues from global markets amid uncertainties around US-China trade tariff deal. Also, sustained foreign fund outflows kept investors edgy. READ MORE
Vodafone Idea falls over 4%
India's largest telecom operator, on Monday reported a consolidated loss of Rs 4,881.9 crore for the quarter ended March 31, amid a brutal tariff war in India's telecom market.
Voda Idea slips over 4 per cent post Q4 results
Muthoot Fin rallies over 3%
Jindal Steel drags Nifty Metal
Sun Pharma recovers from previous day's low
Edelweiss Financials skids over 8%
Sectoral trends on NSE
Opening gainers and losers on S&P BSE Sensex
Market check
Market check
Market at open
Sensex opens at 37,147, up 56 points or 0.15 per cent.
Nifty opens at 11,152, up 5 points or 0.04 per cent.
Nifty bank opens at 28,719, down 39 points or 0.14 per cent.
Market lens by Reliance Securities
Market at pre-open
Market at pre-open
Jet Airways, Nestle India and Vodafone Idea among top stocks to watch
Here's a look at the top stocks that are expected to trade actively in today's session -
Earnings today: As manny as 60 companies are scheduled to announce their Q4 earnings for 2018-19 later in the day. Prominent among them include Indian Bank, Nestle India, Union Bank of India and Zee Media.
Vodafone Idea: Vodafone Idea Ltd, India's largest telecom operator, on Monday reported a consolidated loss of Rs 4,881.9 crore for the quarter ended March 31, amid a brutal tariff war in India's telecom market. The company's average revenue per user (ARPU) grew by 16.3 per cent quarter on quarter to Rs 104 in the March quarter from Rs 89 in the December quarter. READ MORE
NEWS ALERT | Bitcoin tops $8,000, hits highest since July 2018: Reuters
- Bitcoin was last up nearly 17% at $8,131 on the Bitstamp exchange, the largest daily percentage jump since early April. It hit a high of $8,167.50, a roughly 10-month peak.
- Some analysts pointed out that bitcoin’s rally coincided with the escalating trade war between the United States and China, which eroded overall market risk sentiment.
NEWS ALERT | India 2019/20 sugar output to decline 8.4%: USDA attache
- Indian sugar production in 2019/20 is expected to decline 8.4% from the record-large 2018/19 crop to 30.3 million tonnes, the U.S. Department of Agriculture attache in New Delhi said in a report.
- Output is expected to fall as the area under harvest contracts and the average sugar recovery rate declines, and as ethanol becomes an increasingly attractive option for cane mills.
- Exports are expected to total 3.5 million tonnes in 2019/20, one million of which will be re-exports under the Advance Authorization Scheme (AAS) and the remaining 2.5 million of which will be commercial sales.
-Discounted fares on 1 million seats for travel May 29-Sep 28
- 3-day booking window for discounted fares
- Fares starting Rs 999 for domestic, Rs 3,499 onwards on international.
Kotak Securities on Kajaria Ceramics
Last close: Rs 583
Target price: Rs 653
Recommendarion: Buy
Revenue growth of 8.7% YoY was led largely by volume growth of 11.2% YoY. Realizations declined by 2.3% YoY which impacted the margins. Operating margins stood at 15.1% vs 16% same period last year due to higher branding spend and slightly lower realizations. Net profit performance on YoY basis was impacted by fall in margins and stood lower than our estimates.
HDFC Securities on Star Cement
Last close: Rs 109
Target price: Rs 150
Recommendation: Buy
During 4QFY19, STRCEM’s consolidated EBITDA/PAT declined 12/17% YoY, led by higher fuel cost amid NSR decline YoY (on higher base). Overhead cost control and increased blending ratio, however reduced the margin impact. Thus, unitary EBITDA fell 17% YoY to Rs 1501/MT (industry leading margin, despite the fall).
Total sales volume growth slowed to 5% YoY to 0.89mn MT. While cement sales grew 9% YoY, clinker sales fell 25% YoY. Owing to maintenance shut downs in Q4, cement sales growth in NE region slowed to 10% vs 18% in the preceding four qtrs.
Hero bets on premium 125 cc segment for scooters despite slowdown in market
Despite a slowdown in the market due to poor demand, Hero is betting on the premium 125 cc segment to take a leadership position in the scooter segment. Hero launched on Monday two new scooters to cater to both, domestic as well as international markets. It introduced Maestro Edge 125 with fuel injection technology priced at Rs 62,700. READ MORE
MSEI, ICEX initiate merger talks; Sebi may give nod to move, say sources
The Metropolitan Stock Exchange (MSEI) and Anil Ambani’s Reliance Capital-anchored Indian Commodity Exchange (ICEX) have initiated a merger talk, people in the knowledge of the development said. READ MORE
Relief for TCS as US court rejects CSC's restraining order demand
A US court on Monday denied Computer Sciences Corp’s (CSC’s) application for a temporary restraining order against Tata Consultancy Services (TCS). CSC, a US-based insurance platform provider to a client of TCS, filed for a temporary restraining order against TCS last month, after accusing it of misappropriating its trade secrets. TCS, in turn, said CSC was trying to disrupt its $2-billion deal with their common client Transamerica. READ MORE
WGC nudges govt to enforce its norms for buyers and sellers of digital gold
The World Gold Council (WGC) has developed a set of guidelines for digital gold, which includes norms for both, investors and service providers in this space. The standards, which have been designed to protect investors and promote best practices, highlight the fact that there is a need to provide for investors’ safety when they buy gold on the internet, especially in a prominent market for the metal like India. With this guidelines, the council has also nudged the government to issue regulatory norms for buying and selling digital gold in the country. READ MORE
FY20 may belong to mid-and small-caps, says Anand Rathi's Pradeep Gupta
I feel that the economy will start growing and corporate earnings will accelerate and grow more than the earlier years. The reform process being implemented in the past four - five years is going to yield some positive results from the second half of this year. READ MORE
Iran may offer the Farzad-B gas bloc to India on easier terms
Iran is expected to offer the Farzad-B gas bloc to India on easier terms during talks between External Affairs Minister Sushma Swaraj and her Iranian counterpart Javed Zarif, here on Tuesday. READ MORE
US antitrust probe singes India's pharmaceutical firms; Sun Pharma falls 9%
Share prices of some leading domestic pharmaceutical companies, led by Sun Pharmaceutical Industries, fell 4-9 per cent on Monday, after being named in a price-fixing lawsuit in the US.
The biggest loser was Sun Pharma, whose stock tanked as much as 20 per cent intraday in late afternoon trades, but recovered to close 9.4 per cent lower on the BSE. Sun Pharma, which is India’s largest pharma company by sales, is already under a cloud over corporate governance issues and is facing Sebi probe on charges of funds diversion. READ MORE
US-China trade talk to be very successful: Donald Trump
- Trump was speaking at a White House Dinner meeting
Alert: US has hiked tariff on $200 bn worth of Chinese imports
: China has retaliated by imposing tariff hike on $60 bn worth of Us goods.
Trump and Xi to meet after defiant China hits U.S. with new tariffs: Reuters
- US President Donald Trump said on Monday he would meet Chinese President Xi Jinping next month at G20 Summit.
- The US Trade Representative’s office said it planned to hold a public hearing next month on the possibility of imposing duties of up to 25% on a further $300 billion worth of imports from China.
- Trump said it should be clear in “three or four weeks” if a US trade delegation’s trip to Beijing two weeks ago was successful.
Etihad Airways has put in stiff conditions, which include a substantial write down of the Rs 9,000-crore loans, as a prerequisite to run Jet Airways. The Abu Dhabi-based airline has also put the onus of finding a majority investment partner on the Jet lenders.
Etihad, which holds 24 per cent stake in Jet, submitted its offer last Friday just before the window closed for binding bids. SBI Capital Markets, the merchant banker for the transaction, opened the offer on Monday to find there’s no binding bid, and only a letter of interest, sources in the know said. READ MORE
Nifty outlook by HDFC Securities
Carrying on from last week, markets corrected further on Monday as the Nifty ended in the red for the ninth consecutive session (nine consecutive down days for the first time in more than 8 years). The weakness came on the back of negative global markets as investors are concerned about global economic growth after trade negotiations between the US and China failed to avoid raising tariffs on $200 bn of Chinese imports into the US wef from May 10. The Nifty index ended 130.7 points or 1.16% lower at 11,148.2, a more than 2 month closing low.
Technically, with the Nifty moving down further, the short term trend remains down. The Nifty could now head towards the next major supports of 11024, which corresponds to the 200-day EMA. Any pullback rallies could find resistance at 11300.
Sebi issues notices to Kotak MF, HDFC MF over exposure to Essel
The Securities and Exchange Board of India (Sebi) has sent show-cause notices to Kotak Mutual Fund and HDFC Mutual Fund, seeking details about their investments in the debt instruments of Essel Group companies. Essel Group promoters have sought time to repay their lenders. READ MORE
ACC, UltraTech, Ambuja Cement: Is it a good time to buy cement stocks?
Financial results for the fourth quarter ended March 2018 (Q4FY19) has been a mixed bag with some companies across the sectors disappointing Street with their below-than-expected numbers for as well as cautious guidance. READ MORE
Sensex falls 2,000 pts in 9 days as economic slowdown makes investors wary
The equity markets on Monday resumed their downward journey with the benchmark Sensex declining 372 points, or 1 per cent, to end at 37,091, while the Nifty50 index declined 131 points, or 1.2 per cent, to close at 11,148. Both indices logged their ninth consecutive session of decline and ended at two-month lows. READ MORE
Today's picks: From Titan to Tata Steel, hot stocks to buy on Tuesday
Nifty
Current 11,148 (fut: 11,185),
Target: NA
- Stop-long positions at 11100.
- Stop-short positions at 11,255. Big moves could go till 11,050, 11,325. A long May 30, 11100p (269) short 11000p (233) bearspread costs 36, and it could gain 15-20 if the index falls below 11,100. READ MORE
Top trading calls by Anand Rathi: Sell MRF, ACC and Bharti Airtel
NIFTY: SELL
TARGET: 10,975
STOP LOSS: 11,258
Nifty closed in the negative territory on Monday for the ninth consecutive session and with that it has been continuously forming lower tops and lower bottoms. The momentum indicator is deeply in the negative territory on the daily, weekly and monthly charts. The index seems to have formed and expanded flat pattern and with that, wave C down seems to have started. The conservative short term target comes at 10,975 and the stop loss for the same is seen at 11,258. READ MORE