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April 23, 2025

Daily Morning Report Date: 23.04.2025
NIFTY OUTLOOK: 24167.25 FII: 1290.43 cr DII: -885.63 cr
As discussed yesterday, market behaviour remained on expected lines. It opened with bullish momentum but failed to cross the resistance at 24260 and reversed.
A Doji Star candlestick pattern appeared on the daily chart after a strong rally, indicating weakening buying pressure and market indecision. This suggests a potential turning point.
The market remains in strong bullish momentum. If it crosses 24260 and sustains, we may see a rally towards 24353–24447, with further potential up to 24539 if demand increases.
On the downside, if Nifty breaks 24073 decisively, it may slip to 23981–23887, and further to 23797 if supply intensifies.
Bank Nifty OUTLOOK:
SPOT: 55647.20 PCR: 1.14 Max CE OI at 56000 Max PE OI at 55000
On 22nd April 2025, Bank Nifty closed at 55647.20, up 0.62% from the previous day. The index moved 717.65 points intraday, with a high of 55961.20 and a low of 55243.55.
These levels can be considered as immediate resistance and support, respectively, for today’s session.
Technical View on Daily Chart:
Key levels on the daily chart of Bank Nifty are 56278 as resistance and 54900 as support. If the index crosses 56278 and sustains, it may move towards 56950. On the downside, if it breaks below 54900, it may slip to 53960.
The RSI for Bank Nifty is at 76.1, indicating overbought conditions. Some profit booking may occur. (Below 30 is oversold, above 70 is overbought.)
Bank Nifty Day SMA Analysis:
Bank Nifty is trading above all 8 SMAs (5, 10, 20, 30, 50, 100, 150, 200-day).
It is trading below none of the SMAs.
No bullish candlestick pattern was identified in Bank Nifty.
Macros
1. Dollar index @ 98.952
2. Vix @ 30.57
3. Crude @ 67.67
4. U.S. 10 year’s bond yield @ 4.347.
Note:
Equities across the globe, including the US, witnessed a relief rally after Trump hinted at lifting tariffs on China and downplayed his recent criticism of Fed Chairman Powell, offering markets some respite. This momentum may extend to Indian equities.
Keep a close watch on bond yields. If yields cool off, it would indicate renewed investor interest in US bonds. In such a scenario, we may see a sell-off in gold, which has entered euphoric territory—profit booking of around 3–5% is possible.
Silver, with both investment and commercial demand, may see a decent rally up to $35 if the tariff war eases, driving renewed buying interest.
Contributed by
Ashok bhandari : INH000019549
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Moon Beverages mulls IPO, invests over Rs 4,000 cr to expand production capacity
Source: The Economic Times
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@beatthestreet10
WAAREE ENERGIES: Subsidiary Bought Panch Bhuta Energies Private Limited , Voltshift Energy Transition Private Limited , Impactgrid Renewables Private Limited , Nezero Forever Renewables Private Limited.
They have acquired solely for the purpose of facilitating and holding specific power projects under the IPP framework
@beatthestreet10
Citi On HCLTech
Maintain Neutral; Cut target price to Rs 1,510 from Rs 1,610
New deal TCV - Q4 strong
Management comments - environment very uncertain; will look for opportunities
Continue to prefer HCLTech, along with Infosys, relatively over other large caps in the sector
@beatthestreet10
JPMorgan On HCLTech
Upgrade to Overweight from Neutral; Hike target price to Rs 1,750 from Rs 1,700
Growth leadership and rare visibility
Services have now performed ahead or at parity with the fastest growing scale peers three years in a row
@beatthestreet10
Nomura on HCL Tech
Buy, TP Rs 1670
4Q– marginal miss at growth but strong deal wins steal show
FY26E guidance stands better vs peers
CO noted that it expects impact of tariff-induced uncertainty to spill over to other sectors beyond directly impacted sectors with qtr’s lag
@beatthestreet10
Jefferies on HCL Tech
Hold, TP cut to Rs 1490
4Q in line; however, deal wins and relatively stronger FY26 growth guidance of 2%-5% YoYcc were +ves
Whilst HCLT has seen limited impact of tariffs on its business thus far, it expects pressures on discretionary spend across vertical
@beatthestreet10
UBS on Chola Investment
Upgrade to Buy, TP Raised to Rs 1950
Best combination of growth & RoE
Forecast 24% AUM & 30% EPS CAGR over FY25-27E
Co has levers to grow AUM at 25% CAGR
Credit cost likely peaked in FY25
Expecting RoA to improve to 2.5% by FY27E
@beatthestreet10
HSBC on M&M
Buy, TP Rs 3320
M&M earnings upgrade cycle is behind, but FY26 earnings growth may outperform most other Auto companies
BEV traction is key & start has been patchy; pick-up in BEV demand is key upside catalyst for stock
Valuations are reasonable
@beatthestreet10
CITI ON AU SMALL FIN
Maintains 'Neutral' Rating With Target Price Of ₹625
Accelerated Provisions Drive 2.5% Credit Cost; Will Normalize In H2 FY26
Management Cited Risk Of NIM Pressure In H1; Funding Cost Benefit To Reflect With A Lag
Universal License Is Being Reviewed By Regulator & % Approval Anticipated In CY26
@beatthestreet10
Nuvama on AU Small BK
Reduce, TP Rs 530
Credit cost missed consensus by 15% in Q4
Credit cost in cards rose to 16% from 11% QoQ
Guidance is for elevated credit cost in H1 but improvement in H2FY26E
@beatthestreet10
INVESTEC ON M&M FIN
Maintains 'Hold' Rating & Hike Target Price To ₹300 From ₹285
Lacklustre Growth Trends; NIMS Decline (QoQ)
Asset Quality Stable
Diversification & Fee Income To Be Growth Levers
@beatthestreet10
Nuvama on AU Small BK
Reduce, TP Rs 530
Credit cost missed consensus by 15% in Q4
Credit cost in cards rose to 16% from 11% QoQ
Guidance is for elevated credit cost in H1 but improvement in H2FY26E
@beatthestreet10
JPM on Havells
Neutral, TP Rs 1700
Q4 beat led by margin; Cautious near term demand narrative a bit of a dampener
@beatthestreet10
Jefferies on Havells
Hold, TP Rs 1800
STK trades at 60x FY26e PE, 30% above hist 10-Y avg PE
Q4 Beat Driven By Healthy Sales & Steady Margins
But Inflation & Commodity Volatility Key Monitorables
Slower Growth Mainly In Secondary Sales Was Seen In Summer Products Due To Delayed Summer
@beatthestreet10
Nomura on Havells
Buy, TP Rs 1873
4Q margins ahead of estimates; demand tailwinds from C&W, Lloyd
Operating leverage to drive margins
Expect healthy demand tailwinds in Cables & recovery in ECD to sustain 15-16% revenue growth (ex-Lloyd) over FY26-27F
@beatthestreet10
INVESTEC ON HCLTECH
Maintains 'Hold' Rating & Cuts Target Price To ₹1,550 From ₹1,552
Guidance Better Than Feared
Bottom End Of The Guidance Assumes A Deterioration In The Environment
Midpoint Assumes A Deterioration With Large Deal Closures In Q1
Top End Of Guidance Assumes An Improvement
@beatthestreet10
Ambit On Swiggy
Initiate Sell with target price of Rs 310
Prefer Zomato over Swiggy
First-mover, but now a follower
Food ordering market share stabilization; profitability gap to reduce
@beatthestreet10
JPM on Havells
Neutral, TP Rs 1700
Q4 beat led by margin; Cautious near term demand narrative a bit of a dampener
Jefferies on Havells
Hold, TP Rs 1800
STK trades at 60x FY26e PE, 30% above hist 10-Y avg PE
@beatthestreet10

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