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Emkay Research Summary
§ Ador Welding Analyst Meet Update; Profit dips on GST-led destocking; Not Rated
We attended the Analyst Meet of Ador Welding Ltd (Ador) where the management discussed the Q1FY18 performance and shared its outlook on the business. Read more…
§ Voltas Analyst Meet Update; Delivering on all fronts; ACCUMULATE; Target: Rs561
We attended the Analyst Meet of Voltas Ltd (VOLT), where the management discussed the Q1FY18 performance and shared its outlook on the business. Read more…
Key News Updates
§ Maruti Suzuki (MSIL) – Suzuki, the Japanese parent of MSIL has started working on manufacturing lithium ion battery manufacturing unit in Gujarat. It is a JV among SMC, Denso Corporation (10%), Toshiba Corporation (40%), and Suzuki (50%). It is the first time a major OEM is investing in lithium ion battery facility in India, critical in making electric and hybrid vehicles. Link
§ Farm loan waiver – Rajasthan has become the 4th state after Uttar Pradesh, Maharashtra and Punjab to announce farm loan waiver. Rajasthan has announced farm loan waiver of Rs200bn after a two-week long protest by farmers. Link
Technical View
Market Outlook
The Nifty consolidated within the previous day’s range. We had stated in our previous report “Formation of Spinning Top suggests indecisiveness”, which may continue in the coming session also until it gives break above 10130-10150 levels decisively. On crossing 10130-10150 zone, the Nifty can extend its rally towards 10200. Support remains unchanged at 10060 level - below which it can slip back up to 10030 and 9990.
§ Support: 10060/ 10030
§ Resistance: 10130/10150
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