Nifty rose 49 points or 0.30% to end at 18,315. Capital goods | DK Technical Analysis by Dhananjay Kadam

Nifty rose 49 points or 0.30% to end at 18,315. Capital goods stocks was top gainer today. Auto, FMCG and Oil & Gas Index gained half percent each. Nifty bank index bounced back into positive territory. FIIs were net buyers Rs1833cr while DIIs were net sellers Rs790cr yesterday. 
 
·      Nifty Technical Levels -  Nifty formed a Doji candle on daily scale with long lower shadow indicating support based buying seen at any meaningful declines. Now it has to continue to hold above 18250 zones to witness an up move towards 18400 and 18442 zones while on the downside supports are placed at 18181 and 18081 marks.
 
·      Bank Nifty Technical Levels – Bank Nifty formed a Bullish Pin Bar candle on daily scale with long lower shadow as buying is visible at lower zones. Index has got stuck in wider range on daily scale from past four sessions with buying visible near 42800 levels while facing selling pressure near 43600 zones. Now it has to hold above 43000 zones for an up move towards 43600 then 43750 levels while on the downside support exists at 43000 then 42750 zones.
 
·      Actionable BUY – Escorts, HDFC AMC, MCX, BSE Ltd and Hindustan Aeronautics
 
·      Brokers Radar –  Dr Reddy – Goldman Sachs TGT at 4750, JP Morgan TGT at 3780, Jefferies TGT at 5600, Nomura TGT at 5161, Macquarie TGT at 5250, L&T – Nomura TGT at 2770, Goldman Sachs TGT at 2540, Jefferies TGT at 2900, Citi TGT at 2722, Morgan Stanley TGT at  2827. Escorts - CLSA TGT at 1658 and JP Morgan TGT at 1680
 
·      Events – Weekly Nifty and Bank expiry, Nexus IPO subscribed 57%
 
·      Results –  AB Capital, Alkyl Aminies, Balrampur Chini, Asian Paints, BSE Ltd, CARE, Deepak Nitrite, Lalpath Labs, Everest Industries, Gillette India, GSPL, Intellect Design, Kirloskar Brothers, Mangalam Cement, Neuland Lab, South India Bank, Ujjivan Small Finance Bank and Zensar Tech
 
·      Corporate Action  - Kewal Kiran Clothing Rs2, IndiaMart Rs20, Sirca Paints bonus 1:1
 
·      Global Data – Initial Jobless Claims and PPI (Producing Price Index) -US, House Price Index (UK).
 
·      Market Summary – Sebi grants final approval for proposed change in control of HDFC AMC, Godrej Consumers announced inline with expected Q4 Ebitda and Ebitda margin. , Sanofi India to demerge, list Consumer Healthcare Business, Escort announced better than expected Q4 Ebitda and Ebitda margin, Hindalco’Novelis announced lower than expected quarterly Ebutda, L&T announced nearly inline with expected Q4 results.
 
·      Focus on HDFC Bank, HDFC and HDFC AMC - HDFC Bank said markets regulator SEBI has granted its final approval for the proposed change in control of HDFC AMC. This approval will help pave the way for the merger of  HDFC into HDFC Bank, expected to be finalised by the third quarter of this financial year. Sebi, through its letter dated May 10, 2023 to HDFC AMC, a subsidiary of HDFC Ltd and the investment manager of HDFC AMC AIF II, has granted its final approval for the proposed change in control of HDFC AMC – Expects positive for HDFC Bank and HDFC AMC.
 
·      TVS Motor – Company has delivered 100 units of the iQube electric scooter in New Delhi in a single day. The company plans to deliver 1,000 e-scooters in 10 days to celebrate iQube's 1 lakh+ customer base – Positive.
 
·      MCX - The SEBI on Wednesday allowed stock exchanges to extend direct market access (DMA) facility to foreign portfolio investors (FPIs) in exchange-traded commodity derivatives (ETCDs).- Positive
 
·      L&T - The Board of Directors decided to confer the status of Chairman Emeritus on Mr. A M Naik after he decided to step down as Non-Executive Chairman of the L&T Group at the end of his tenure on 30th September 2023. The Board of Directors also appointed Mr. S N Subrahmanyan as Chairman and Managing Director with effect from October 1, 2023. He is currently the Chief Executive Officer and Managing Director of the Company. – We are long term positive