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Good Morning!

Here's our short-term view on *Rajratan Global Wire*

The stock has been in an uptrend and is trading at its all-time high.

It is currently trading above all its short-term and long-term moving averages, which is a positive sign.

Its momentum indicator i.e. RSI is rising but the stock is in the overbought zone.

Fresh entries are advised once the stock sustains above 1150 for a near future target of 1220.

App link 🔗https://tinyurl.com/yjub335r
*IDFC First Bank*

The stock was volatile in the past year mainly due to concerns on growth and asset quality. However, looking at the June quarter results, we believe the worst is over and the company is now on a steady growth path.

We have a bullish view on the stock from a medium-to-long term perspective due to the following reasons:

Sharp turnaround in Q1: Revenue up 20%, Net Profit of 474 cr vs Net Loss of 630 cr

Net Interest Income (NII) up 26%, Net Interest Margin (NIM) improved to 5.89% from 5.5%, Customer deposits up 21% YoY

Asset quality improved while Collection efficiency surpassed pre-covid levels

Healthy business growth and steady asset quality should boost Return on Equity going forward

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After reclaiming its 200 EMA with high volumes yesterday, the stock is currently trading near its resistance zone of 835-850.

Its RSI has also bounced back to beyond 50. However, fresh entries are advised once the stock sustains and closes above 850 for a near-term target of 900-925, with a stop loss of 825 on closing basis.

👆 question Any Views on MCDOWELL-N?
Closing Bell | Indian market started the September F&O expiry series on a highly volatile note. Sensex closed 59 points higher at 58,834 while Nifty gained 36 points and closed at 17,559.

Bank Nifty faced stiff selling pressure around 39,500 levels ahead of global economic events. The index closed 36 points higher at 38,987.

Among sectors, capital goods, metal, power and PSU Banks gained 1% each.

Market breadth was in favour of advances. About 1,122 stocks on the NSE advanced while 838 declined.

India Vix fell 6.95% to 18.2 levels.

- Top Gainers: Grasim Industries, NTPC, JSW Steel

- Top Losers: Eicher Motors, Bharti Airtel, IndusInd Bank
NTPC to invest ~Rs 11,844 crore in Talcher Thermal Power Project.

For more stock insights
News that Moves

Kaleeswaran Arunachalam resigns as CFO of Eicher Motors

We've seen multiple exits at Royal Enfield over the last 2 years

Vinod Dasari had stepped down as CEO in September 2021
Supreme Court lifts cap on Iron Ore Mining in Karnataka

Stock in Focus: NMDC
Market Update

Reason for big buying in the last 15 mins - SBI Block Deal for Rs 42.3 crore (NSE).
*Market Commentary*

We have a bullish view on the market today on the back of strong global cues.

Dow Jones closed 1% higher while Nasdaq gained 1.7% yesterday.  SGX Nifty indicates a good start, trading half a percent up. 

FIIs remained net buyers yesterday (+369 cr). India Vix jumped 6% to 19.6 levels.
Federal Reserve Chairman Jerome Powell delivered a stern commitment Friday to halting inflation, warning that he expects the central bank to continue raising interest rates in a way that will cause “some pain” to the U.S. economy.
In his much-anticipated annual policy speech at Jackson Hole, Wyoming, Powell affirmed that the Fed will “use our tools forcefully” to attack inflation that is still running near its highest level in more than 40 years.

“While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses,” he said in prepared remarks.

Pobapility of 75 bps increase in Interest rate is 60.5% as per CME Group’s FedWatch

Negative

Dow jones down 2 % 650 points monday will be painful for Indian markets
Team keeping in mind above stance of federal reserve and dow jones reaction..lets us know key market levels for nifty
*Tata Steel*

1. Although the company is trading at discounted valuations, we believe metal sector likely to face several headwinds in near future. Hence it is recommended to Avoid entry Ito this stock

2. Company reported weak set of result in June quarter, Net profit declined over 12% mainly due to decline in margins

3. Metal companies' profitability are highly volatile and expose to commodity cycle risk which may severely impact their margins.

4. In the past whenever commodity prices corrected, Tata steel reported losses, besides further rate hikes will put additional pressure on the profitability ahead

5. As per analyst consensus estimates, Revenue & Net profit for the the company is expected to decline by 9% & 41% respectively in FY23
*KPIT Tech*
*Rating : Accumulate*

1. The overall IT sector had taken a beating over the past few months amid recession fears. However, the sector has seen good recovery of late.

2. KPIT is a fundamentally good company supported by strong technicals and healthy outlook led by strong focus on mobility solutions for Electric Vehicle space

3. Company delivered a strong performance in the June quarter (Q1FY23), beating street expectations. Revenue & Net Profit up 21% & 41% respectively.

4. Company won orders worth $155 mn in Q1, up 24% QoQ.

5. Strong growth guidance: Management reiterated Revenue guidance of 18-21% for FY23, with an 18-19% EBIT margin.

6. Robust Track record: Revenue & Net Profit have grown at an average annual growth rate (CAGR) of 56% & 50% in the last 3 years.

7. Excellent market performance The stock has given an average annual return of ~82% in the last 3 years.
News that Moves

Fed Chairman Jerome Powell delivers a stern commitment in Jackson Hole gathering to halting inflation.

Warns of more rate hikes in a way that could cause “some pain” to the US economy.

Wall Street sees its worst day in months as Dow Jones, Nasdaq plunge 3-4% on Friday.