EQUITY MARKET TECHNICAL REPORT 24 OCTOBER 2018
Stock Market News and Analysis:
Equity benchmarks are ended on a positive note. Except pharma, all the sectors ended in the green, with infrastructure and metals ending the day at high points. Nifty closed at 10224.75 and for coming session its key support is at 10126 while on higher side its key resistance is at 10366.
Headlines for the day:
- SUNPHARMA launched Ilumya, a psoriasis treatment drug, in the US.
- Bharti AirtelLimited to raise $1.25 billion by selling African Unit.
- Laurus Labs Limited sold US Food & Drug Administration approved Tenofovir Disoproxil Fumarate ANDA to CASI Pharmaceuticals.
- Bajaj Auto Shares price hit their 52-week-low after falling over 4% in the late noon trade after the company announced its Q2FY19 numbers. The company has registered a net profit of Rs1,152 crore in the three months ended September, a hike of 3.7% on a yoy basis. The auto firm had posted a profit of Rs1,112cr in the corresponding quarter last year.
- Mphasis share prices declined during afternoon session after the stock turned ex-date for the proposed buy-back. The company will buy back 73.2 lakh shares at Rs1,350 a share. The offer is through tender process on a proportionate basis. Promoters had indicated their intentions to participate in the buyback. In 2017, too, the IT major had launched a buyback programme at Rs635 a share
- TTK Prestige share prices were 3% up in noon session after the company’s Q2FY19 numbers came in-line with street expectation. Adjusted PAT hike by 28.4% yoy to Rs53.8 crore as compared to Rs41.9 crore in Q2FY18, against the estimates of Rs51.9 crore. Cooker business grew 12% yoy, while cookware business registered a growth of 6% yoy.
- Sasken Technologies Limited share prices lost 12% in intraday after reporting a disappointing set of numbers in Q2FY19. Net profits for Q2FY19 fell 39% to Rs16.89 crore versus Rs28 crore in the June quarter. Revenue declined 16% to Rs113.08 crore versus Rs134.27 crore in Q1FY19.
- Ambuja Cements Limited share prices declined after the company reported disappointing Q3CY18 numbers on the operating fronts. The company reported higher than estimated revenue of Rs2,613.9 crore led by strong volume growth of 8.8% yoy. However, due to rising costs, the EBITDA grew only by 1.1% to Rs358.2cr, 16.5% lower than the estimate.
- HCL Technologies Limited share prices surge after the company posted a good set of numbers for Q2FY19. The company posted PAT growth of 5.7% qoq to Rs2,540 crore versus a median estimate of Rs2,431cr.
- Bajaj Finance share prices extended gains in the morning session after the company registered good numbers in the September quarter. The company’s net profit for Q2FY19 at Rs923 crore versus Rs598 crore yoy, up 54.3% yoy.
- Calls for Tomorrow :
- CALL: BUY BAJFINANCE EQ ABOVE 2340 TARGETS 2363.40/2386.80/2410.20 SL 2316.60.
Description: Stock heading towards its immediate resistance on daily chart and breakout is expected above 2340.
- CALL: BUY TITAN EQ ABOVE 795.90 TARGETS 803.85/811.85/819.80 SL 787.90
Description: Stock heading towards its key resistance on daily chart and rally is expected above the mentioned level.