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April 01, 2024

Market View: Charts are turning stronger. Will the April turnout to be Bullish month ?
Last week, markets started on a weak note with hardly three trading sessions. The monthly expiry remained little bumpy, after a dull start; market rallied sharply and during the fag end gave away its gain to settle the expiry day on the strong note on the weekly chats. On the weekend, all the major indices have formed a strong Bullish candle on the weekly charts. While on the monthly charts, All the indices have made an Indecisive candle with a gain between 1.5% to 2% indicating a strong close. The prices have crossed all short-term moving averages suggesting that the undercurrent of the markets is very strong and the larger degree trend is still intact. Nifty and Sensex have almost challenged their life highs while Banknifty is about to challenge its life highs. Technically, Nifty is hovering in an Expanding triangle , Banknifty has just witnessed a Falling channel breakout and Sensex is on the verge of a Rising channel breakout. However, all the three indices are about to open up a new trajectory in the coming days. Hence one needs to be prepared for a strong rally from the current levels and that might last for the month to come. On the upside, the trend deciding levels are 22525 and 47500 in Nifty and Banknifty; if these are taken out decisively then indices will enter the unchartable territories. Whereas, on the down side crucial support is placed at 22000 and 46646 respectively. Next week we might witness some pullback with higher volatility and that dips should be used as a buying opportunity. So, I continue to suggest traders to use the first half hour or 45 minutes range breakout strategy for intraday trades on the indices. The momentum indicator RSI is positive on the Nifty, Banknifty and Sensex daily charts. For Derivative/option traders, slight PEs writing was seen in Nifty & slight CEs writing was seen in Banknifty. One should wait for some dip before initiating longs.
Nifty supports: 22204-22096-21947
Nifty Resistance: 22446-22526-22666
Banknifty supports: 46827-46643-46310
Banknifty Resistance: 47440-47812-48161
Stock to watch
1) ADANI POWER is hovering in a Flag pattern formation on the daily chart. The stock has bounced from its 100 day EMA. Momentum indicator RSI is positive on the daily chart. Therefore, the stock looks good in the range of 533 to 520 and can test 590 support at 485. Positional view.
2) SRF LTD has seen a Multi-year Triangle formation breakout on the daily charts. The stock has formed an Inside week High wave candle on the weekly charts. Momentum indicator RSI is positive on the daily charts. Therefore, the stock looks good in the range of 2560 to 2500 and can test 2900 support at 2344. Positional view.
3) HAVELLS INDIA has seen a Multi-year Rounding Bottom breakout on the daily charts. The stock has formed an Engulfing Bullish on the weekly charts and also it has bounced from its support trendline. The momentum indicator RSI is positive on the daily charts. Therefore, the stock looks good on dips to 1500 and can test 1650 support at 1423. Positional view
4) CONCOR has seen a pullback after a Multi-year Rounding Bottom breakout on the daily charts. The stock has bounced just above its 200-day EMA. The momentum indicator RSI is positive on the daily chart. Therefore, the stock looks good on dips to 870 and can test 965 support at 818. Positional view
5) BAJAJ FINSERVE have seen a Triangle pattern breakout on the daily charts. The stock has formed a Bullish candle and has also closed above its 200 & 100 day EMA on daily chart. Momentum Indicator RSI is positive on the daily charts. Therefore, the stock looks good on dips to 1610 and can test 1816 support is at 1529. Positional view.
This content is for educational purposes only. Please consult your financial advisor before investing/trading.
*India Daybook – Stocks in News*
*Canara Bank:* To dilute 13% stake in Canara Robeco Asset Management Company (CRAMC) via IPO (Positive)
*EIH:* Company to invest ₹421 crore on construction of Oberoi Luxury resort at Cavelossim Beach in South Goa (Positive)
*Torrent Power:* Company gets a letter of award from Torrent Power Limited-Distribution Unit for setting up of 150 MW Grid-Connected Wind Solar Hybrid Projects. (Positive)
*RVNL:* JV with Salasar Techno emerges lowest bidder (L1) for a project worth $7.15 m from Energy Development Corporation Limited (Positive)
*Karnataka Bank:* Signs agreement with ICICI Lombard to distribute their general insurance products to bank’s customers. (Positive)
*Hindustan Aeronautics:* Company signs contract worth ₹1173.42 crore with Cochin Shipyard for supply of 6 Sets of LM2500 Gas Turbines (Positive)
*Muthoot Fin:* Muthoot Microfin raises $75 m via external commercial borrowings. (Positive)
*Lemon Tree:* Company launches fourth property in Himachal Pradesh with Lemon Tree Hotel, Kasauli. (Positive)
*H.G. Infra:* Company gets letter of award for Rs 220 crore from Jodhpur vidyut vitran nigam ltd (Positive)
*Indo Wind:* Company approved filing draft letter of offer for raising funds via issue of shares worth up to 490m rupees on rights basis. (Positive)
*PTC India:* Company receives shareholders’ approval for selling 100% equity stake in arm PTC Energy to ONGC for enterprise value of Rs 2,021 crore. (Positive)
*GE Shipping:* Company is in contract to buy a medium-range product tanker of about 51,486 dwt. (Positive)
*GRSE:* Company posts YoY growth of 33% in the annual turnover at ₹3,400 cr for FY24, highest ever (Positive)
*Honasa Consumer:* Company announces launch of colour cosmetic line 'Staze' (Positive)
*RattanIndia Enterprises:* Company acquires 100% stake of Neoseller for expanding dealerships business (Positive)
*Apollo Micro:* Company enters into term loan agreement with SBI for loan of Rs 110 crore for implementation of its upcoming project. (Positive)
*Astra Microwave:* Company gets order worth Rs 386 crore from BEL to supply MPR sub-systems (Positive)
*Veranda:* Company acquired 50% share capital of tapasya educational institutions (Positive)
*Aurionpro:* Board approves allotment of 9.02 lk shares worth Rs 200 cr at Rs 2,215/share to non-promoters. (Positive)
*JSW Steel:* Arm JSW Vijayanagar Metallics commissions its Hoyt Strip Mill at its integrated steel plant at Vijayanagars. (Positive)
*Metro Brand:* Crocs India & Metro Brands extend partnership for continued growth in India (Positive)
*NHPC:* Company inks agreement with Japan's JBIC for around Rs 1,100 crore loan. (Positive)
*PNB Housing:* CARE rating has upgraded ratings of various debt instruments (Positive)
*Kirloskar Ferrous:* Company says commencement of operations of pulverized coal injection plant (Positive)
*IPL:* Company says first block of unit shalvis specialties at Hamirpur has commenced commercial production (Positive)
*Jayant Agro:* Company commenced operations at Jarod manufacturing facility (Positive)
*Prataap Snacks:* Company commenced operations at new unit with a total capacity of about 11,000 mt per annum (Positive)
*E-Mart:* Company commenced commercial operations of two new multi brand stores on March 29 (Positive)
*MOIL:* Prices of all Ferro grades of Manganese ore with Manganese content of Mn-44% and above increased by 6% on from March (Positive)
*Infosys:* Company to receive ₹6,329 crore tax refund from I-T department (Positive)
*IOC:* Company signs a Binding Term Sheet with Panasonic Energy for manufacturing Lithium-lon Cells in India (Positive)
*Gokul Agro:* Company says commenced commercial operations of co's edible oil refinery at haldia plant effective Mar 29 (Positive)
*Macrotech:* Company acquires 50% of paid-up equity capital of Siddhivinayak realties (Positive)
*Birl Cable:* Company approved expansion of production capacity of data cables (Positive)
*Triveni Turbines:* Board approves reappointment of Dhruv M Sawhney as Chairman and MD for 5 years. (Positive)
*NTPC:* Barauni Thermal Power Station Stage-I (2x110 MW) comprising of two Units (Unit 6 & 7) of 110 MW each shall be permanently discontinued w.e.f. March 31, 2024. (Positive)
*Zee Ent:* Company halves workforce at tech and innovation Centre in Bengaluru to aid cost cutting (Neutral)
*Ultratech:* Company received a demand order from collector - mining department, Chhattisgarh for an amount of 211.3m rupees (Neutral)
*HDFC Bank:* Appoints Sumant Rampal as head of mortgage business with effect from May 28. (Neutral)
*Energy Stocks:* Gas price ceiling revised at US$ 9.87/MMBTU on Gross Calorific Value (GCV) basis (Neutral)
*IDFC First Bank:* Cloverdell Investment offloads its 2.5% stake in Bank for Rs 1,195.2 crore (Neutral)
*Godrej Agrovet:* Company buys 7.37 lakh shares in subsidiary Godrej Cattle Genetics for Rs 25 crore (Neutral)
*Macrotech:* Company to raise Rs 125 crore through issue of non-convertible debentures. (Neutral)
*PNB:* Company's board approves raising capital up to Rs 10,000 crore via compliant bonds. (Neutral)
*HUL:* Company announces that its cost auditor has been disqualified from continuing amid a conflict of interest. (Neutral)
*Easy Trip Planners:* Company approves acquisition of 4.94% stake in E-Trav Tech for Rs 33 crore (Neutral)
*Sun TV:* Board declares interim dividend of Rs 3/share (Neutral)
*Aurobindo Pharma:* Company in agreement with Merck Sharp & Dohme Singapore to extend the timelines. (Neutral)
*Solara Active:* Executes agreement for sale of 100% stake in arm to Symbio Generrics for Rs 12.5 crore (Neutral)
*Asian Paints:* Board approves amalgamation of units Maxbhumi Developers and Sleek International with company. (Neutral)
*IMFA:* Indian Metals board approves withdrawal of Scheme of Amalgamation of Utkal Coal into co, acquisition of remaining shares of subsidiary Utkal Coal to make it a wholly-owned unit (Neutral)
*PNB:* Bank approved raising of capital for an amount up to 100b rupees through Basel iii compliant bonds (Neutral)
*Trident:* Company has fully redeemed non-convertible debentures aggregating to 250m rupees (Neutral)
*Strides Pharma:* Company proposes to consolidate group's South African business under trinity pharma (proprietary) limited, South Africa. (Neutral)
*SH Kelkar:* Approved an equity investment of $7m at a premium of $7.68 per equity share in unit keva fragrance industries. (Neutral)
*Syngene International:* Company gets demand order worth Rs 16 crore from Income Tax Department for AY2022-23 (Neutral)
*Goodluck India:* Declared second interim dividend of ₹2/share (Neutral)
*JM Financial:* Joint Managing Director Atul Mehra resigned (Negative)
*Yes Bank:* Gets tax demand order worth ₹112.81 crore from Income Tax Department. (Negative)
*Bank of India:* Gets Rs 564.4 crore tax demand order from Income Tax department for AY18-19 (Negative)
*Indian Hume Pipes:* Gets demand of Rs 93.4 crore for AY22-23 from income tax department (Negative)
*Suzlon:* Receives order for 2 penalties from IT department worth of Rs 260 crore (Negative)

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