WEEKLY TRENDSETTER (APRIL 19,2024)
| 2024 | APR 5 | APR 12 | Ch % |
| NIFTY | 22513 | 22519 | 0.02 |
| BANK NIFTY | 48493 | 48564 | 0.15 |
| USD/INR | 83.29 | 83.47 | 0.19 |
MARKET REVIEW-The week started on a steady note. However, the sharp slide in US markets saw selling pressure domestically and the close was near the low point of the week. The next 2 weeks will be critical as the mood for May will be set which is going to witness national elections in full swing. High volatility could be seen till results are out in early June.
INTERESTING CUES
Tata Technologies in tie up with BMW –The new listed company ‘s recent tie up should give a boost to its identity and add software ER&D credentials, augmenting its full vehicle engineering proposition. The JV entails building a software hub with 1000+ resources offering automotive software and digital engineering services for the BMW group. The stock has made a tepid start on the bourses as it has slipped from 1260 levels to 1100.March quarterly results will be keenly watched.
Adani Green capacity tops 10000 MW-The company has a steep target of 30000 MW by 2030.Currently the company has 7393 MW solar ,1401 MW wind and 2140 MW wind -solar hybrid capacity. The combined capacity will supply power to more than 5.8 mn homes and avert about 21 mn tons of carbon dioxide emissions annually. The stock been consolidating in the 1600-1900 band in the past few weeks.
NIFTY – The index saw a sharp correction to close at the low point of the week. Support around 22300 should ideally emerge in the coming week .IT majors and banking counters could be key to deciding the near-term trend.
BANK NIFTY-The index could be vulnerable in the near term and levels of 48000 should ideally hold. ICICI Bank has shown strong leadership and looks set to break out
PICKS FOR THE WEEK
Can Bank (605)-The stock after hitting life time high saw selling pressure which could continue in the near term and push it to levels of 580-90 which should be ideally for entry. Levels of 640-50 should be possible on resumption of the rally.
BEL (233)-Has been a strong outperformer in the April series. While near term pull back to around 220-25 could be expected, entry could be considered around those levels for a possible target of 250-60 in the coming days.
Wishing all readers, a great trading week!
Note: Any queries /clarifications may be addressed to stockmasala@gmail.com .
Krish Subramanyam