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LARGE-CAPS: ICICI BANK, SBI, L&T, ULTRATECH, TITAN, ICICI PRU LIFE,

September 23
05:25 2019
Vikash Sahay

Vikash Sahay

From Advisory Desk ; Vikash Sahay

23rd September 2019 : Market Outlook : After a series of baby steps to boost growth over the past month, the Indian government took a giant leap by unveiling a big-bang fiscal stimulus in the form of a sharp reduction in the corporate tax rate from 30% to 22 % .

Motilal Oswal

The tax rate cut will boost the morale of Indian corporates with potential heavy investments and improvement in consumption .

As per our initial estimates Nifty EPS will be upgraded by 8 % for FY 20 and FY 21 . Private Banks, Auto and Consumers are the biggest beneficiaries, while IT will not see any incremental positives from these announcements . India is well placed to achieve the target of $ 5 trillion economy by 2025 and the steps taken by the government to revive the growth will be a big sentiment positive for equity markets .

Technically nifty has formed a big bullish candle on daily and weekly scale . We expect nifty to rally towards 11550 -11800 levels in coming days .

Actionable : Stocks for investments

LARGE-CAPS: ICICI BANK, SBI, L&T, ULTRATECH, TITAN, ICICI PRU LIFE,
MID-CAPS: Indian Hotels, ABFRL, Trent, JK Cement .

Global market:
DOW: -160
SGX NIFTY: +118 (prev.close 11340)
NIFTY 50 : 11274
Sensex : 38014

Institution:
FII: +36 Cr
DII: +3001 Cr

Currency:
Dollar: $ 71.07

Commodity:
Gold: $1526 per ounce
Crude: $64.83 per barrel

Bonds:
10 year US bond rate: 1.75
10 year Indian Bond rate: 6.78

Update :

GST rate on hotel tariffs above Rs 7,500 cut to 18% from 28%,below Rs.7500 cut from 18% to 12% and below Rs.1000 to Nil. Positive for Indian hotels.

Derivative View – VIX closed at 15.40. Max Put OI is at 11200 then 11000 strike while Max Call OI is at 11400 then 11500 strike. Option data suggests a trading range in between 11200 to 11500 zone.

Vikash Ranjan Sahay, Founder & CEO , Value Management Solution P Ltd, (Exclusive Business Partner of MotiLal Oswal)

Mr. Vikash Sahay can be contacted at +91 9471133334

Axis Bank QIP 0ffers open today – Axis Bank has fixed Rs661 a share

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