Pre-Market Analysis

Date: 23rd April 2024

1. Overview:

Indices:
● The domestic equity market indices, Nifty 50 and Sensex, are
expected to open higher following positive global market cues amid
improved sentiment.

● Asian markets traded higher, while the US stock market ended with
gains overnight led by technology and banking stocks.

● Investors will watch out for key macroeconomic data and corporate
earnings for further stock market triggers.

● On Monday, the Indian stock market indices extended gains for the
second consecutive session tracking positive global cues amid
easing concerns over geopolitical tensions in West Asia.

● The Sensex rallied 560.29 points, or 0.77%, to close at 73,648.62,

while the Nifty 50 settled 189.40 points, or 0.86%, higher at
22,336.40.
 ● NIFTY

Bulls continued to dominate the market as the Nifty 50 index continued with a
follow-through upmove on April 22 and closed the day higher by 189 points.

The trend has turned positive after reclaiming a critical near-term moving
average. Sentiment is expected to remain favorable for bulls as long as it
stays above 22,150. On the upside, the index could potentially move towards
22,600-22,700

● The index started the day near its 22322 resistance

● We saw a heavy reversal from the major support near 21731

● Few buyers stepped into the market

● Resistance at 22426

● Support at 22166 and 22085

 ● BANK NIFTY

The Bank Nifty index extended gains and ended 351 points higher at 47,925
on Monday.

The Bank Nifty index exhibited continued bullish strength as it witnessed

follow-up buying from lower levels. Currently, it is approaching a crucial
resistance level of around 48,000, marked by the highest open interest on the
call side.

● The index saw a huge drop from 48150 level and reversed back from
its support of 46600

● We saw some buyers entering near its 20 EMA level

● Resistance at 48151

● Support at 47140
2. Top gainers and losers

Company Current % Gain

Voltas 1,383.15 6.35

Exide Ind 465.95 4.87

Interglobe Avi 3,727.00 4.69

Bandhan Bank 180.80 4.18

Hind Copper 379.05 4.11

Company Current % Loss

Persistent 3,508.50 -9.68

Birlasoft 659.70 -3.23

Coromandel Int 1,093.80 -2.47

NTPC 342.90 -2.18

Bosch 29,142.05 -2.17

3. SECTORS
● Asian markets traded higher on Tuesday following overnight gain on
Wall Street.
● Gift Nifty was trading around the 22,415 level, a premium of nearly 55
points from the Nifty futures’ previous close, indicating a positive start
for the Indian stock market indices.
● The S&P 500 rose 43.37 points, or 0.87%, to 5,010.60, while the
Nasdaq Composite rallied 169.30 points, or 1.11%, to 15,451.31. The
Dow Jones Industrial Average ended 253.58 points, or 0.67%, higher
at 38,239.98
● The market mood index is at 30.69 down from 20.58 indicating
extreme fear entering among the traders and the investors.

4. IPO
 Emmforce Autotech

Open Date 23 Apr, 2024

Close Date 25 Apr, 2024
Lot Size 1,200
Minimum Investment ₹117,600.00
Issue Price ₹ 83 - ₹ 98
Listing Date 30 Apr, 2024
Listing On BSE
Issue Size ₹ 53.90 Cr
Face Value ₹ 10
Total Shares Offered 5,499,600
Offered To Public 1,828,800
Retail Max 1,200/₹117,600

Important Dates

23 Apr 2024 - Opening date

25 Apr 2024 - Closing date
26 Apr 2024 - Basis of Allotment
29 Apr 2024 - Initiation of Refunds
29 Apr 2024 - Credit of Shares
30 Apr 2024 - Listing date

5. Top Stock News

● Reliance Industries: The oil-to-telecom-to-retail major recorded a
net profit of Rs 21,243 crore for the March FY24 quarter, growing 0.1
percent YoY, dented by higher tax costs. Gross revenue for the
quarter at Rs 2,64,834 crore jumped 10.8 percent on-year, supported
by double-digit growth in oil-to-chemical (O2C) and consumer
business. EBITDA rose by 14.3 percent on-year to Rs 47,150 crore
with a strong contribution from all businesses, with a margin
expansion of 50 bps at 17.8 percent. On an annual basis, Reliance
became the first Indian company to cross the Rs 1 lakh crore mark in
pre-tax profit.
● Results due on April 23: Tata Consumer Products, Tata Elxsi, ICICI
Prudential Life Insurance Company, Mahindra & Mahindra Financial
Services, Mahindra EPC Irrigation, Multi Commodity Exchange of
India, 360 ONE WAM, Cyient DLM, Huhtamaki India, LKP Securities,
and NELCO will be in focus ahead of March FY24 quarter earnings
on April 23.
● IndusInd Bank: The lender announced the execution of the RBI's
programmable CBDC pilot. This pilot project is executed in
collaboration with Circularity Innovation Hub India (CIH) as an
alternate form of CBDC in which the bank can programme the end-
use of funds being disbursed to farmers in lieu of the generation of
carbon credits.
● Mahindra Logistics: The logistics services provider has posted a net
loss of Rs 11.9 crore for the quarter ended March FY24, against a
profit of Rs 0.20 crore in the year-ago period, impacted by weak
operating numbers. Consolidated revenue from operations for the
 quarter, at Rs 1,450.8 crore, grew by 14 percent over the same
period last fiscal. The board has approved the re-appointment of
Rampraveen Swaminathan as the managing director and chief
executive officer of the company for five years, with effect from
February 4, 2025.
● Hero MotoCorp: Arun Jaura has resigned as Chief Technology
Officer (CTO) of the world's largest two-wheeler maker, with effect
from April 30. Meanwhile, Vikram Kasbekar, in addition to his existing
role as Head of Global Product Planning, will assume the
responsibility of leading the R&D function.
● Tejas Networks: The wireline and wireless networking products
maker has recorded consolidated net profit of Rs 146.8 crore for the
quarter ended March FY24, driven by a healthy topline. The net loss
in the year-ago period was Rs 11.5 crore. Revenue from operations
increased sharply by 343.3 percent on-year to Rs 1,326.88 crore in
Q4 FY24.
● Patel Engineering: The construction engineering company has
launched its qualified institutions placement (QIP) issue on April 22,
with a floor price of Rs 59.50 per share, which is a 5.3 percent
discount to the closing price of the last trading session. As per
sources from CNBC-TV18, the QIP size may be around Rs 400 crore.

● 6. Key takeaways
 ● The benchmark Sensex and Nifty indices are likely to open higher on
April 23 as trends in the GIFT Nifty indicate a firm start for the
broader index with a gain of 32 points.
● The Indian equity indices extended gains for the second straight
session on April 22 following positive global cues as worries over
Iran-Israel tensions eased a bit. At close, the Sensex was up 560.29
points, or 0.77 percent, at 73,648.62, and the Nifty was up 189.40
points, or 0.86 percent, at 22,336.40.
● The pivot point calculator indicates that the Nifty 50 is expected to
face resistance at the 22,353 level, followed by the 22,413 and
22,481 levels. On the lower side, the index may take immediate
support at the 22,236 level, followed by 22,194 and 22,126.

FII and DII data

● Foreign institutional investors (FIIs) net sold shares worth Rs

2,915.23 crore, while domestic institutional investors (DIIs) bought Rs
3,542.93 crore worth of stocks on April 22, provisional data from the
NSE showed.

Stock under F&O ban on NSE

● The NSE has added Hindustan Copper to the F&O ban list for April
23, while retaining Biocon, Vodafone Idea, Piramal Enterprises, SAIL,
and Zee Entertainment Enterprises to the said list.

DISCLAIMER
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Explore investment opportunities to inspire your journey. This
guidance is intended to share perspectives, with the final decision-
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