Daily Report 24-Apr-23

Indian market on Friday closed flat with Banknifty, Mid-cap 100 & Small-cap 100 witness some profit booking. VIX closed below 12 level.

Wall Street had another quite session and even on weekly basis there is less than 1% change in indices. This week focus will shift to IT earnings as MICROSOFT, AMAZON, META & ALPHABET are due.

RELIANCE & ICICIBANK will react to its result, RELIANCE result was better than estimate mainly on O2C segment.

ICICIBANK recorded highest ever NIM margin @ 4.90%, ICICIBANK result was positive and in-line with estimate.

HDFCBANK & HDFC merger: RBI provide clarity on SLR, CRR & LCR. RBI provides relief on HDFCLIFE holding post-merger and priority sector lending.

VIX @ 11.63: trading below 12, trend reversal likely towards 14

Approach on Indices: Today indies will be reacting set of good news. Nifty @ 17799 & 17842 remains resistance level. Banknifty at 42603 could act as target resistance level.

Market View: we see risk / reward ratio favourable in RELIANCE, while ICICIBANK & HDFCBANK could witness profit booking after positive opening. WIPRO to announce another buy-back on 27-Apr-23 along with result could help relief rally in IT stocks.

Stocks in focus: RELIANCE, HDFCLIFE, WIPRO, LTTS & BHARTIARTL.

SGX Nifty @ 17697.50 up 58 points at 8:20 AM

Click on the attachment to read the full report:

24-Apr-23 Daily-Report.pdf