Correction Mode
The markets remained
flat this week with a negative bias.
Tech giant TCS reported its numbers for
the year & while the profits beat expectations, there was disappointment
on the revenue and margin front.
Global commodities such as Zinc
& Lead hit multi-month lows.
Results of IndusInd Bank & Yes Bank
were declared.
Yes Bank numbers shocked investors due to huge
additions in Non-Performing Assets. This raises some concerns over corporate
governance, accounting policies and has caused a minor loss of Investor
confidence in the Company.
The bad news for Sun Pharma continues as the
USFDA pointed out data integrity issues in the Dadra Plant.
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Events of the Week:
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Results of Index Heavy weights
HDFC Bank & TCS were declared.
HDFC Bank reported an 18% increase in Net
Profit, accompanied with an increase of 21.5% in Net Interest Income.
The
minutes of the meeting of the Monetary Policy of the Committee revealed
contrasting views, though with an increase in bias of a rate hike later in
the calendar year.
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- : Technical Outlook :-
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Correction of the past
2 weeks seems to continue and gather pace. From a medium to long term
perspective,
the NIFTY could fall to 8820 levels, filling the gap that was
caused due to the unprecedented victory of the BJP in the Uttar Pradesh
Assembly elections.
Traders should
stay in the side lines and fresh longs should only be initiated only support at 8822 and after a
break out above 9250 levels.
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