08:41:09 AM IST, 08 April 2024
Sensex Today | Stock Market View: Prashanth Tapse, Senior VP (Research), Mehta Equities
Optimism prevails on Dalal Street as investors prioritize the anticipation of strong Q4 corporate profits in India over the Fed's rate-cut plans. TCS's upcoming Q4 earning season kickoff on April 12th is pivotal, with Nifty holding steady at the 22121 mark. Geopolitical tensions push oil prices to $87 a barrel, while inflation takes the spotlight with the March US CPI release. Nifty faces resistance at 22619, supported by a Put-Call Open Interest Ratio of 1.17. FIIs bought Rs. 1659 crores, contrasting DIIs' sales of Rs. 3370 crores. Nifty's options data suggests a 21500-22700 trading range, with 22700 emerging as a key resistance and 22000 as primary support. India VIX recedes to 11.22 levels, signalling reduced volatility. Recommended trades include buying Nifty and Bank Nifty, with EICHER MOTORS (CMP 4031) presenting a compelling buy opportunity with a stop at 3823 and targets at 4101/4201, driven by momentum play. Bullish sentiment persists on stocks like EICHER MOTORS, CANARA BANK, IPCA LAB, and M&M, encouraging buying on corrective declines.