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The theme for the Day: "Nifty Could Celebrate Powell Statement"

Global markets are celebrating a more dovish stance taken by Jerome Powell, and that means Fed may now be more calibrated on its rate hike moves. The positive effect is likely to rub off on Indian markets too. 

Terminate Call on Yes Bank 

Yesterday we had terminated our call on Yes Bank. It also broke the 165 support level and is now quoting in an uncertain zone. The stock may see further pressure as the rating downgrade is now likely to weigh on the stock.
FIIs were net buyers to the tune of Rs.961 crores while DFIs sold Rs. -331 crore on Wednesday. The tide appears to be turning with FIIs consistently infusing money into India after a virtual $5 billion sell-off in October.

NASDAQ and the Dow were up sharply after the dovish statement from Jerome Powell. We expect this trend to continue. Asia has also been stable even as the SGX Nifty is already above 10,800.

Positive about Infosys, TCS, and JetAirways

We continue to stay positive on Infosys and now also turn positive on TCS with the US court ruling in their favour on the discrimination issue. If the US stops rate hikes, a revival in growth could also help these IT companies.

One can look at a positive trade on Jet Airways at around the 305 levels. With Etihad likely to increase stake and oil prices down by nearly $25/bbl, we could see the company move to profitability. Target Rs.350 on the stock.

Motherson Sumi targets Rs. 200

We had recommended Motherson Sumi around the 150 levels and reiterate our buy call at around the Rs.161 levels, this time around. We still target Rs.200 on the stock in the next one quarter.

The markets are likely to stay positive on the back of positive cues coming from the US markets. Stay long for targets of Nifty 10,950.