The benchmark indices ending Friday's session at record closing highs, after investors' optimism was boosted by Narendra Modi-led National Democratic Alliance (NDA's) return to power the previous day. While the gains were across the board, bank stocks and financials made the highest contribution to the indices' rise.
The S&P BSE Sensex ended the day 623 points, or 1.6 per cent, higher at 39,435, with ICICI Bank, Larsen & Toubro, Bharti Airtel, Vedanta, and Tata Motors leading the list of gainers. Oout of the 30 BSE constituents, only Hindustan Unilever and NTPC ended the day in the red.
The broader Nifty50 index rose 187 points to settle at 11,844. About 1823 shares advanced, while 676 declined, and 150 shares remained unchanged on the NSE.
This was the benchmark indices' biggest weekly gain in 2019.
India VIX, a measure of voltality in Nifty, slipped 40 per cent in the last two days, registering its biggest 2-day fall in five years.
In the broader market, the S&P BSE MidCap index jumped 295 points, or 2 per cent, to hover at 14,945 levels, while the S&P BSE SmallCap closed at 14,670 levels, up 347 points, or 2.4 per cent.
All the Nifty sectoral indices ended the day with gains, with Nifty PSU Bank gaining the maximum 5.6 per cent, while Nifty Realty also rose 4.4 per cent.
Shares of JMC Projects (India) surged 15 per cent to Rs 136 apiece in the opening trade on the BSE on Friday after the company secured new orders worth of Rs 616 crore for residential and commercial projects in South India. READ MORE
KEI Industries traded higher for the fifth straight day, up 5.6 per cent at Rs 491.95 on the BSE on Friday, after the company reported a strong operational performance in the March quarter (Q4FY19). READ MORE
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NEWS ALERT | Air Vistara to induct four B737 & two A320neo on lease from BOC Aviation: CNBC TV18
- Co says plans to induct a different aircraft type in fleet is a carefully evaluated one
Sugar shares rally; Mawana Sugars, Avadh Sugar zoom up to 20%
Shares of sugar companies are on a roll, rallied by up to 20 per cent on the BSE on improved operational performance in March quarter (Q4FY19). Mawana Sugars and Avadh Sugar & Energy have rallied by up to 20 per cent each on the BSE. Uttam Sugar Mills, Magadh Sugar & Energy, Dalmia Bharat Sugar and Industries, Andhra Sugars, Rajshree Sugars & Chemicals, Dhampur Sugar Mills, Triveni Engineering & Industries and Dwarikesh Sugar Mills were up in the range of 8 to 18 per cent on the BSE. In comparison, the S&P BSE Sensex was up 1.1 per cent at 39,255 points at 12:56 pm. READ MORE
Buzzing | Delta Corp zooms over 10%
OVL FY19 net profit soars 71% on 8% growth in overseas oil production
ONGC Videsh Ltd, the overseas investment arm of state-owned Oil and Natural Gas Corp (ONGC), on Friday reported a 71 per cent jump in its 2018-19 fiscal year net profit on the back of a spike in crude oil production. Consolidated net profit in April 2018 to March 2019 period at Rs 1,682 crore was 71.4 per cent higher than Rs 981 crore net profit in the previous financial year, the company said in a statement here. READ MORE
- FDI reforms in other sectors being planned, except e-commerce
- E-commerce policy ready, will be sent to cabinet under new government
(As reported by CNBC TV18)
Ashok Leyland extends gains, rises 6%
All Nifty indices turn green; Financials lead
Market check | Sensex surges over 500 points
NEWS ALERT | GVK Power Q4 result
- Net profit at Rs 69.4 cr Vs Rs 23 Cr (YoY)
- Revenue at Rs 13.8 cr Vs Rs 3 cr (YoY)
Sensex at day's high
SpiceJet flies high, soars over 6%
NEWS ALERT | SpiceJet to CNBC TV18
- Added 21 aircraft in last 21 days
- Govt needs to address structural issues
Zydus Wellness' Heinz India and Zydus Nutrition merge post NCLT approval
Consumer healthcare firm Zydus Wellness Friday said the National Company Law Tribunal (NCLT) has approved scheme of amalgamation between two subsidiaries -- Heinz India Pvt Ltd with Zydus Nutritions Ltd -- post which, Heinz India has ceased to be in existence. In January this year, Zydus Wellness announced it has completed its Rs 4,595-crore acquisition of Heinz India's consumer wellness business, which includes popular brands Complan and Glucon D. READ MORE
INOX Leisure climbs over 7%
Indostar Capital Finance gains nearly 10%
Anand Rathi Financial Services on IndusInd Bank
Higher provisioning due to the IL&FS account led to a steep decline in IndusInd’s Q4 earnings. Besides, SMA disclosures and the stressed pool suggest the risk is not high as perceived by the Street. We are sanguine about the bank’s loan-growth prospects and expect the BHAFIN deal to be synergistic in the medium term. We retain our Buy recommendation.
Market outlook by Elara Capital
From a market perspective, with the ruling NDA dispensation set for another five-year term, the political risk has reduced and market expectations for policy continuity have been addressed. There would be renewed expectations for a more reforms-oriented policy agenda in areas of disinvestment, GST simplification, labor reforms, ease of doing business and land acquisition. Election-related exuberance could propel the markets in the near term and pose an upside risk to our
CY19E Nifty target of 12,000. However, the current level of corporate fundamentals, geopolitical developments, such as trade wars and US-Iran conflict, and the progress of Monsoon will weigh on the markets.
YES Securities on Sagar Cements
Going ahead, Sagar Cements is well placed to benefit from robust demand scenario in Southern and Eastern markets. Accordingly, we project volume CAGR of 11.7% over FY19-FY21. Further, capacity expansion by SGC at MP and Orissa by FY21E will result into geographical diversification for the company in margin lucrative markets and lift volume growth from FY22 onwards.
We estimate EBITDA growth to be ~40.3% over FY19-FY21 owing to healthy pricing scenario and cost management initiatives by the company.
The company is currently trading at EV/EBITDA of 7.4x/5.9x on FY20E/FY21E respectively. We have valued SGC at EV/EBITDA of 8x on FY21E, arriving at a target price of Rs 921/share (+46% upside). We maintain our BUY rating.
ELARA CAPITAL | Top socio-economic messages from the 2019 historic mandate
Execution matters more than populism: Hence, The BJP’s track record of five years spoke more than the promise of NYAY of INR 72,000 per year;
Socialist policies continue to resonate in a country which accounts for 24% of the World’s poor: Hence, schemes like Pradhan Mantri Gram Sadak Yojana, Pradhan Mantri Awas Yojana, Ujjwala and Swachh Bharat Abhiyaan and the promise of development resonates more than disruptions and loss of business due to Goods & Services Tax and demonetization;
Hope drives people more than reality: Hence, expectations of a higher income in rural India, following payment of PM-KISAN matters more than weak farm income growth currently;
Emotions & sense of identity matter in an economy where higher incomes have not taken root: Hence the Balakot Strikes matter more than weak job growth.
Quant Pick by ICICI Securities: Ambuja Cement
Buy Ambuja Cement in range of Rs 223-228
Target: Rs 265
Stop Loss: Rs 203
Time frame: Three months
Derivatives & Quantitative Outlook
Broader markets have relatively underperformed vis-à-vis the Nifty in the current move. We believe that post the favourable outcome of the general elections, stocks from the infrastructure space may witness renewed momentum amid a broader market recovery. Cement stocks like Ambuja Cement are likely to perform better in the coming sessions.
Change of bias is visible in the cement space with sectoral heavyweight UltraTech Cement making new life-time highs in the current move. We believe other stocks from the sector will also follow suit while stocks like Ambuja Cement are likely to witness fresh buying momentum.
PSU banks extend gain; Bank of Baroda surges 21% in a week
Shares of public sector banks continued their upward movement with Nifty PSU Bank index surging 10 per cent thus far in the current week compared to a 2.5 per cent rise in the benchmark index. At 11:10 am, Nifty PSU Bank index, the largest gainer among sectoral index, was up 3.6 per cent, as compared to a 0.6 per cent rise in the Nifty 50 index. READ MORE
MOFSL on Sun TV
We have lowered our TP to Rs 690 (prior: Rs 740), ascribing 15x (~30% discount to three-year average) to FY21 EPS. We believe, till the time the flux gets settled, impact from TRAI’s tariff order along with mounting pressure on viewership share and margins, warrants a discount to the average multiple. Yet, the current price largely captures the negatives. Maintain Buy.
SpiceJet receives three Boeing aircraft from BOC Aviation
Singapore-based aircraft leasing company BOC Aviation on Friday said it has delivered three Boeing B737-800 NG aircraft to Indian carrier SpiceJet. The three aircraft are powered by CFM56 engines.
"We are pleased to extend our relationship with our long-standing customer, SpiceJet, and to support its expansion in the vibrant Indian market," Robert Martin, Managing Director and Chief Executive Officer of BOC Aviation, said. READ MORE
Nifty Auto extends gains, up over 1%
NEWS ALERT | Meeting between Etihad and Hinduja likely next week: CNBC TV18
- Unsolicited bidders for Jet Airways have not been able to show proof of funds so far
- Adi Partners had offered approx Rs 2500 cr but banks to consider offer only if proof of funds shown.
Bank of India up 4.5%
Ashok Leyland gains 2% ahead of Q4 results
Top Picks by Elara Capital
Large caps: Britannia, HDFC Bank, Hindustan Unilever, Maruti Suzuki, Reliance Industries, TCS, UltraTech Cement
We expect return ratios and operating margins to improve further, coupled with positive cash-flows and its debt-free status, rendering valuations attractive as the stock currently trades at a discount to its peers. We maintain a Buy, with a higher target of `455 (earlier `416) based on14x FY21e earnings. Risks: More products under the NLEM, currency fluctuations and the changing regulatory environment.
Alert: Both of these firms are subsidiaries of Zydus Wellness
PSU Bank index surges
Larsen & Toubro gains over 3%
Broader markets are outperforming benchmark indices at this hour
- Nifty Mid, small caps are trading 0.8 and 0.7 per cent higher against Nifty50's gain of 0.3 per cent.
Gruh Finance slips in trade
RBI Rate Cut View by Prabhudas Lilladher
The next rate cut, according to market participants, is expected to be data-dependent. The RBI may want to see certain risks play out such as the general elections, uncertainty in oil prices, probability of El Nino effects in 2019 and the post-election Budget. Going forward, an early rate cut looks challenging, given that the best of food deflation is in the past.
JSPL climbs over 3%
Buzzing | Hindustan Aeronautics rallies over 4%
Stock pick by Prabhudas Lilladher
Elara Capital's suggestions for Modi 2.0 govt
The key action areas for the NDA government to steer the market are: 1) address the disquieting rural distress, 2) stem the drag on discretionary and staple consumption, 3) resolve bank balance sheet issues and recapitalize PSU banks to spur private capital expenditure, 4) initiate measures to infuse liquidity in the NBFC sector, which has a cascading effect on consumption & growth, and 5) sustain public infrastructure spending, plug the fiscal deficit sans crowding out private borrowing.
NEWS ALERT | Narendra Modi's swearing-in ceremony on May 30, reports CNBC TV18 quoting sources
KEI Industries nears record high; surges 25% in a week on strong Q4 results
KEI Industries shares were trading higher for the fifth straight day, up 4 per cent at Rs 486 on the BSE on Friday, after the company reported a strong operational performance in the March quarter (Q4FY19).
The stock was trading close to its all-time high level of Rs 495 touched on May 30, 2018. Thus far in the current week, it has rallied 25 per cent, as compared to a 2.6 per cent rise in the S&P BSE Sensex. In the past three months, it has surged 51 per cent against an 8.5 per cent gain in the benchmark index. READ MORE
NIIT Tech slips over 1%
Ashok Leyland climbs over 1% ahead of Q4 nos.
Bank of India leads PSU Bank rally
JMC Projects gains 11% after securing new orders worth Rs 616 crore
Shares of JMC Projects (India) surged 11 per cent to Rs 132 apiece in the opening trade on the BSE on Friday after the company secured new orders worth of Rs 616 crore for residential and commercial projects in South India.
The stock was trading close to its 52-week high level of Rs 142 - touched on May 29, 2018 - on the BSE in the intra-day trade. In comparison, the S&P BSE Sensex was up 0.41 per cent at 38,970 points. A combined 2,67,880 equity shares have changed hands on the counter on the BSE and NSE so far. READ MORE
Bharat Electronics zooms over 6%
Buzzing | Zee Entertainment gains over 3%
Escorts Ltd rises almost 4%
IPCA Labs up 2%
Bharti Airtel climbs 2%
Hindustan Petroleum Corporation Ltd (HPCL) rises almost 5%
Markets will go up if the govt can kick-start the economy: Andrew Holland
The growth is slowing and the trade war is becoming a lot more than what it initially was. So, India will be seen as a safe haven in the global context. Therefore, it will be good if we can get the domestic economy moving. Overall, on a sector-wise basis, this will be good for banks and industry as a whole. I have always maintained that whoever gets a majority, needs to get the private capex cycle moving – and that will be the key thing to watch out for. CLICK TO READ FULL ARTICLE
Gruh Finance slides over 5% in early morning trade
ONGC dips almost 2%
Jet Airways tumbles over 6%
Rupee opens 27 paise higher at 69.75 against US dollar
The rupee opened 27 paise higher at 69.75 against the US dollar on Friday amid weak global cues. The domestic unit surrendered all its early gains and closed 36 paise lower at 70.02 on Thursday after investors looked past the euphoria over BJP's election victory and shifted focus to macro-economic developments that will set the tone for the forex market going ahead. READ MORE
-- The company's promoter Reliance Capital will do an OFS (offer-for-sale) for 8.66 per cent of its stake in Reliance Nippon Life Asset Management (RNAM) at a floor price of Rs 218 per share.
NEWS ALERT | Gruh Finance slips 6% after 2% equity changed hands in block deal
Nifty sectoral indices at open
Market at open
Market at open
At 9:17 AM, the S&P BSE Sensex was trading at 39,211, up 400 points while the broader Nifty50 was ruling at 11,748, up 91 points.
Asian markets not yet major impacted after a sharp declined US market. Hong Kong and Taiwan Index bounced back into positive territory. Nikkei Index slipped 0.4%. US Future is up 0.3%. SGX Nifty is up 65 points or 0.6%. #MOMarketUpdates
BJP's victory to improve biz sentiment, boost pvt investment: Fitch
The BJP's "apparent landslide victory" is likely to improve business sentiment and outlook for private investment, Fitch Ratings said Thursday.
It said that from a credit rating perspective, Fitch would focus on the extent of the next government's efforts to improve India's weak fiscal finances. READ MORE
NEWS ALERT | JMC Projects secures residential & commercial projects in South India: CNBC TV18
- Projects worth Rs 616 cr
Nifty opens higher in preopen
Market at pre-open
Rupee opens higher at 69.75/$ vs Thursday's close of 70.01 against the US dollar
US-China trade war escalation could jeopardise global growth in 2019: IMF
The escalation of trade tension between the US and China has the potential to disrupt the global supply chains and jeopardise the projected recovery in growth in 2019, the IMF warned Thursday, over 10 days after President Donald Trump imposed 25 per cent tariff on $200 billion worth of Chinese imports. READ MORE
New govt should provide fiscal stimulus, with the very first budget
Elections are often checkpoints, in an economy and the market's long-term journey. This 2019 checkpoint is now past, and with no big surprises, should allow the government and the market to quickly focus on the road ahead. One of the bigger positives of this election verdict is that the new government should have a fair idea of the road map, has the policymaking engine running, and can get to work immediately. It also comes after a fairly bumpy economic ride over the last term — where a fair amount of economic reform (GST, IBC) was initiated, and India’s corporate and small business sector has been restructuring, and taking fair pain. READ MORE
Jet Airways' future up in the air as Hindujas, Etihad fail to strike a deal
Jet Airways’ future remained uncertain as Hinduja Group and Abu Dhabi-based Etihad Airways failed to make headway in their negotiations for joint ownership of the airline.
Simultaneously, it has been learnt that lenders have expressed reservations to consider the unsolicited bids, as they find them lacking financial and managerial depth. READ MORE
Grasim Ind, Ashok Leyland, RNAM, Cipla, Greaves Cotton top stocks to watch
Here's a look at the top stocks that may remain in focus today -
Earnings today: Around 170 companies including Grasim Industries, Ashok Leyland, Bata India, and Indraprastha Gas are slated to release their March quarter results today.
Reliance Nippon Life Asset Management: The company's promoter Reliance Capital will do an OFS (offer-for-sale) for 8.66 per cent of its stake in Reliance Nippon Life Asset Management (RNAM) at a floor price of Rs 218 per share. READ MORE
NEWS ALERT | Won't be surprised if RBI moves to 'neutral' stance: Desai to CNBC TV18
- See likelihood of a rate cut
- PSU banks suffer from lack of capital, not deposits
- Bimal Jalan's report on RBI Capital framework to be watched
L&T acquires 450,000 shares of Mindtree, hikes shareholding to 26.93%
Infrastructure major Larsen and Toubro (L&T) on Thursday acquired over 4.5 lakh shares of Mindtree from open market, taking its shareholding in the IT services firm to 26.93 per cent, according to a regulatory filing.
"Larsen and Toubro Ltd has acquired 4,50,687 equity shares (with a face value of Rs 10 each) of Mindtree Ltd on May 23, 2019," a Mindtree filing said. READ MORE
NEWS ALERT | Clear signs from markets that it is done with elections: Desai to CNBC TV18
- Nifty's reaction to elections yesterday was puzzling
- Midcaps will continue to outperform
Domestic pharma companies eye robust growth from US market in FY20
While companies continue to face regulatory pressure leading to higher costs, they see an uptick from the launch of differentiated and high-margin products. “We expect FY20 to be fairly strong with most of our focused markets expected to show reasonable growth in the coming financial year . Our growth will be driven by wider portfolio, limited competition and complex generic launches,” said a Dr Reddy’s Laboratories (DRL) spokesperson. READ MORE
Jobs to infra: India Inc hopes for economic revival under NDA 2.0
A decisive mandate for the National Democratic Alliance (NDA) on Thursday has raised expectations of a higher pace of economic reforms. Coming a day after the United Nations (UN) lowered its FY20 gross domestic product (GDP) growth forecast for India, corporate leaders said a stable government at the Centre will help boost infrastructure spend, address agricultural distress, and encouraging employment. READ MORE
Goldman sets Nifty target at 12,500; wants govt to carry out 4 key reforms
Global research and brokerage firm Goldman Sachs has pegged the Nifty50 target at 12,500 over the medium term and sees mid-teens growth in earnings, which it says is likely to drive the index towards the target.
The Nifty50 index hit the 12,000-mark for the first time ever on Thursday, after the outcome of Lok Sabha elections 2019 brought the Narendra Modi-led National Democratic Alliance (NDA) back to power for a second consecutive term. READ MORE
Nippon Life, Reliance Capital sign deal for sale of mutual fund arm
Anil Ambani group firm Reliance Capital (RCap) has signed a definitive agreement with Nippon Life to sell its stake in Reliance Nippon Life Asset Management (RNAM). Under the agreement, the Japanese firm will hike its shareholding in RNAM from 42.88 per cent to 75 per cent by buying shares from public shareholders and RCap. READ MORE
Kotak Securities on VA Tech Wabag
Traget price: Rs 335
VA Tech (VAW) reported weak set of numbers which were lower than our estimates on revenue and profit front. EBITDA margin bore the brunt of lower revenues as some key overseas projects are yet to pick up momentum. On the positive side, order wins have been healthy in FY19, thereby leading to much improved order book.
Revenue declined 35% y-o-y in Q4FY19 as recently won major orders in overseas markets are yet to pick up full execution momentum.
Consequently, margins declined sharply on lower revenue booking and resultant negative operating leverage. Forex translation loss of Rs 64 mn (Rs 62 mn in Q4FY19) further weighed on the margins.
Second Modi govt faces task of perking up economy despite fund crunch
The Narendra Modi dispensation has little time to celebrate the landslide win in the Lok Sabha election as it will have to immediately address challenges facing the economy, which is witnessing a slowdown.
While the economy is stuck at 7-7.2 per cent growth for the last two financial years, and is not expected to grow any better this time, the government found hard to meet the fiscal deficit target of 3.4 per cent for FY19. The challenge now is to turn around the economy in these circumstances. READ MORE
Story in numbers: Modi fares better than Manmohan in controlling inflation
The first stint of the Narendra Modi government is leaving behind half the inflation rate for its second avatar compared to what it got from the UPA-2. UPA 1 had also handed over a high inflation rate of more than 8 per cent to its second variant. The NDA government , however, could not accelerate the economic growth rate much. READ MORE
Fiscal policy to manufacturing: What corporate leaders expect from Modi 2.0
I think it is very good that the NDA has come back to power. It will lead to economic growth, which we badly need right now. The verdict will give the government a mandate to take action. That is key. They were earlier in election mode. Now they will get down to business, which is important for the development of the economy-- Adi Godrej, chairman, Godrej group READ MORE
Telcos fight to keep network costs in check; Voda Idea spends highest
The financials of telecom companies indicate that network cost as a per cent of mobile revenues ranged between 25 and 30 per cent between financial years 2013 to 2018.
But entry of Reliance Jio in FY17 led to a massive 4G rollout by the telcos across circles, leading to a rise in network cost. Vodafone Idea Ltd currently leads the pack with almost 43.3 per cent network operating expenses (opex) as per cent of revenue. It, however, managed to reduce it by around 10 per cent in the March quarter. READ MORE
India has ended Iranian oil imports to comply with US sanctions: Envoy
India has ended all imports of oil from Iran, its ambassador in Washington said Thursday, becoming the latest country to comply with the US sanctions.
India had already sharply decreased its imports from Iran and bought one million tonnes (tons) of crude in April, the last month before Washington stepped up its pressure campaign against Tehran and ended all exemptions to sanctions, Ambassador Harsh Vardhan Shringla said. READ MORE
Morgan Stanley sees Sensex at 45,000; Nifty at 13,500 by June 2020
"India seems to be voting in a majority government for another term. This likely continuity in administration is source of comfort for stocks due to an accompanying policy predictability. We expect some shifts in the policy regime. Sensex target is at 45,000 for Jun 2020," wrote Ridham Desai, head of India research and India equity strategist at Morgan Stanley. READ MORE
Election outcome is a positive; investors should not rush to buy: U R Bhat
The markets were in a celebratory mode on Thursday as the results have been better than what the markets were initially expecting. So, there was some relief on account of that. That said, the markets corrected a day after they reacted to the exit polls as well. So, irrespective of the final tally, the markets can correct from here on as well. There has been no change in terms of corporate earnings or economic parameters that can take the markets higher, more than the levels they are at now. There should be a mild correction over the next few sessions and then a consolidation phase will set in, albeit with a negative bias. READ MORE
Elections & markets: Challenges for Modi 2.0 and key investment themes
Most analysts believe that the new government faces an uphill task in reviving the economy ranging from consumption slowdown, liquidity crisis, farm distress, unemployment to stagnant private sector investment. READ MORE
'Market rally post BJP win offers a good opportunity to rejig portfolio'
Our markets have underperformed global peers year-to-date (YTD) and we needed a reason to rally and catch up rally was long overdue; with Bharatiya Janata Party’s (BJP's) strong performance, positive sentiments could lift the overall market into an overvalued territory, which may not sustain. Currently, the Nifty Index is trading at a 12-month forward blended price-to-earnings (PE) of 18.4 times, which is at a premium to 10-year and 5-year average of 15.5 and 16.5, respectively. READ MORE
Elections 2019: How BJP's impending victory has surprised even the bulls
R. SIVAKUMAR, HEAD OF FIXED INCOME, AXIS MUTUAL FUND, MUMBAI
“Investors globally are positive when there is stability in any country. For global investors, political stability and continuity is an important factor while taking a view on investing in any country. This will keep India on the radar of global equity investors.” READ MORE
Should you buy gold at the current levels? Here's what experts suggest
US Dollar (DXY) is again testing levels of 98. The FOMC minutes released recently didn’t provide the volatility needed to free DXY from its current range.
Indian rupee, meanwhile, opened strong as NDA was on track to resume power for the second time, but failed to sustain near its support zone of 69.40. That level has been tested twice and rupee has bounced from that level. READ MORE
Four reasons why you should buy Bajaj Auto May Future in trade today
Buy Bajaj Auto May Future at Rs 3059
Stop loss : Rs 3020
Target: Rs 3125
Long build-up was seen in the Bajaj Auto Futures’ on Thursday, where we have seen 8% rise in Open Interest (OI) with price rising by 0.60%.
Stock price has been forming higher-top, higher-bottom formation on the weekly chart. READ MORE
L&T, SBI: Stocks Anand Rathi Research recommends buying at current levels
NIFTY: BUY TGT 11800 SL: 11575
Nifty closed in the negative territory in the last trading session and the has formed a 'bearish engulfing pattern', which is a bullish reversal pattern. We had anticipated a fifth wave on the upside and it happened as anticipated. The five-wave rise seems to have gotten over and now retracement of the same seems to have started. However, a bounce can’t be ruled out. Recommend buying. READ MORE