INFY result disappoints on all front – FY24 guidance – Revenue growth expected to be 4% – 7% and margin range at 20% – 22%. INFY ADR down over 10% on Thursday & Friday. Indian market will react today.
HDFCBANK result came below street estimate, capex remains key reason, other financial parameters were positive.
VIX @ 11.91: expect to move towards 14 level.
F&O data: FII continue to remain net buyer in index futures – bought 15791 contracts in index futures. Long: Short position now stands at 39.27%:60.73%.
Approach on Indices: SGX Nifty around 80 – 100 points gap-down, Nifty @ 17474 & Banknifty @ 41079 could act as good entry level.
Market View: we expect profit booking across the market as market in last 2 weeks as rallied more than 5% – 7% on major indices. Result season begins with negative surprise on IT sector and muted expectation on HDFCBANK. Time to book profit and reduce exposure.
SGX Nifty @ 17786 down 85 points at 8:10 AM