Moneycontrol
Last Updated : Oct 26, 2018 08:51 AM IST | Source: Moneycontrol.com

Market Headstart: 80 cos to report Q2 earnings; ICICI Bank, Dr Reddy's and UPL in focus

Names like Bharat Electronics, Dr Reddy’s Laboratories, Edelweiss Financial Services, ICICI Bank, ITC, Nestle India, PI Industries, and UPL among others to declare earnings.

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As many as 80 companies will be reporting their results for the quarter ended September which include names like Bharat Electronics, Dr Reddy’s Laboratories, Edelweiss Financial Services, ICICI Bank, ITC, Nestle India, PI Industries, and UPL among others.

ITC: PAT is likely to grow by 13% on YoY basis to Rs 2990 crore

ICICI Bank: PAT likely to fall by 75% on a YoY basis to Rs 497 crore

Dr Reddy’s Laboratories: PAT likely to grow by 12% YoY to Rs 319 crore

(All the estimates are from Motilal Oswal)

Technical View:

Nifty formed a Doji kind of pattern on daily charts yesterday

India VIX gained 2.27 percent at 19.31 levels.

The Nifty ended the October series with a massive loss of 7.77 percent over its September expiry.

After October 2008, this is the biggest fall in the Nifty in an expiry month in terms of total losing points.

Rollovers in Nifty stood at 75.83 percent, which is above its quarterly average of 68.21 percent.

Data suggests that the fall was supported by fresh short positions and the same got carried forward to November series.

Max Call OI: 11000, 10500

Max Put OI: 10000, 10200

Technical Recommendations:

We spoke to ICICIDirect and here’s what they have to recommend:

State Bank of India: Buy| LTP: 249| Target: Rs 298| Stop Loss: Rs 237| Return 19.6%| Time 6 months

Tata Steel: Buy| LTP: Rs 546| Target: Rs 625| Stop Loss: Rs 520| Return 14%| Time Frame 6 months

Disclaimer: The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
First Published on Oct 26, 2018 08:46 am
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