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September 24, 2025

Daily Morning Report Date: 24.09.2025
NIFTY OUTLOOK: 25169.50 | FII -3551.19 cr | DII +2670.87 cr
As discussed yesterday, the market moved as expected, with selling pressure dragging Nifty to our support zone of 25083, marking a low of 25084.65, before closing near the breakdown level at 25169.50.
A bearish high-wave candle has formed on the daily chart, generally indicating volatility and indecision. However, as this candle closed below the previous close and below the day’s open, it favours the bears. A decisive breakdown below 25130 could take Nifty lower towards 25090–25051, and if supply pressure intensifies, it may even test 25012.
On the other hand, the long lower shadow of the candle signals diminishing selling pressure and a possible short-term pause. This could lead to a bounce, with immediate resistance seen at 25210–25249. A sustained move above this zone may extend the rally towards 25287–25327.
Bank Nifty OUTLOOK:
SPOT: 55509.75 | PCR: 1.12 | Max CE OI: 56000 | Max PE OI: 54000
On 23rd September 2025, Bank Nifty closed at 55509.75 (+225.00 / +0.41%). The index witnessed a movement of 503 points during the session, making a high of 55662.00 and a low of 55159.00.
Technical View:
Key support and resistance levels are placed at 55000 and 56200 respectively. For intraday, support lies at 55371 and resistance at 55648.
Intraday Technical Strategy:
Go long above 55648 with SL 55601 and target 55786.
Go short below 55371 with SL 55417 and target 55233.
The RSI for Bank Nifty stands at 57.60, indicating a neutral zone (below 30 oversold, above 70 overbought).
Bank nifty Day SMA Analysis:
Bank nifty is trading above 7 out of 8 SMA’s (5,10, 20, 30,50, 150, 200 Day).
Bank nifty is trading below 1 out of 8 SMA’s. (100 Day)
One Bullish candlestick Pattern was identified in bank nifty.
• Bullish engulfing
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Contributed by
Ashok bhandari : INH000019549
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TRUMP: RELATIONSHIP WITH PUTIN DIDN’T MEAN ANYTHING UNFORTUNATELY
EPACK Prefab Technologies Limited IPO Anchor Book
Investors Include :
▪️ WhiteOak Capital
▪️ 360 One Mutual Fund
▪️ AL Mehwar Commercial India
▪️ LC Pharoas Multi Strategy
▪️ Nuvama Crossover Fund
▪️ Ashika Global Securities
▪️ Citigroup Global Markets
▪️ Finavenue Capital
▪️ Sameeksha India Fund
▪️ Morgan Stanley Asia Pte.
Investec on Maruti
Target Price ₹ 18475
Earlier Target ₹13980
Recommendation Buy
Well placed to benefit from the anticipated demand upturn
Recent launch of Victoris should strengthen Maruti's presence in the fast growing mid-size SUV space
Implementation of the 8th pay commission from 2026 should help Maruti
MS on HCL Tech
Target Price ₹1680
Recommendation Equalweight
Large deal win announced
HCL had indicated slipping of closure of couple of large deals into Q2
In this context, the deal should bring some comfort and confidence for their Q2 deal TCV numbers
JPMorgan on Swiggy
Target Price ₹470
Recommendation Overweight
Rapido stake sale bolsters balance sheet and extends quick commerce burn runway
New cash balance can support this business for 6 quarters and longer as burn moderates
Could reduce the need to raise funds to support its current aggressive strategy on marketing, subsidies and sales
Macquarie on Marico
Target Price ₹820
Recommendation Outperform
Bullish on medium-term growth
Marico sees diversification through digital brands/ foods scale up
See premiumisation-led growth in international and GST cut aiding hair oils growth
MS on SBI Cards
Target Price ₹710
Recommendation Underweight
SBI Cards' spending market share increased 50 bps MoM to 17.3%
Market share in credit cards in force (stock) was flat MoM at 19% in August
August 2025 spending rose 1.6% MoM for SBI Card vs. 1.4% decrease for the industry
MS on India Financials
22 September 2025 marked the start of the festival of Navratri as well the festive season sales of e-commerce giants Amazon and Flipkart
Analyzed the credit card spending data from the RBI for 22 September (Rs12950 cr)
A Monday typically includes weekend spending spillovers
Combining Sunday and Monday spending, compute a week-on-week increase of 54% for 22 September 2025
Citi on Indusind Bank
Target Price ₹765
Recommendation Sell
Bank now focuses on filling ED positions
Forward flows (particularly in MFI) to keep slippages elevated
Stabilization/normalization anticipated in H2
Credit cost contingent on accelerated write-off timing
MS on AB Fashion
Target Price ₹131
Recommendation Overweight
Believe the worst in terms of Pantaloons' performance is behind us
Expect growth and profitability to improve, former ve, with the latter preceding the former
At a company level, expect ABFRL to be EBITDA positive (post rent) in FY28
See a valuation re-rating opportunity, with limited downside
Citi on Consumer
All Eyes on Demand Uptick Post GST Rate Cuts – F&B Benefits More
Companies to offer discounts to reduce risk of destocking
Elasticity of demand may vary across categories
Remain selective - prefer Britannia, Varun Beverages, Godrej Consumer
HSBC ON EQUITY STRATEGY
HSBC upgrades India equities to Overweight from Neutral
Asia equities are up ~20% YTD, driven mainly by domestic retail investors, despite heavy foreign fund outflows
India's upgrade is supported by normalized valuations, supportive government policies, and light foreign positioning
China's rally continues, fueled by retail liquidity, though markets appear crowded; Hong Kong remains volatile
Japan and Korea look stretched after strong gains, while ASEAN equities remain subdued due to political factors
ANTIQUE ON UPL
Antique maintains Buy on UPL with a target price of ₹760 (previous ₹730)
Deleveraging remains the key re-rating catalyst; divestments, if any, could provide upside
EBITDA margin expected to gradually scale up to 22%-23% in the medium term
Management expects FY26 revenue/EBITDA growth of 4%-8%/10%-14% YOY
Net debt projected at 13,000cr by FY26 and ₹10,500cr by FY27, reducing D/E and net debt/EBITDA from 1x/4.6x in FY24 to 0.4x/1x by FY27
GS ON MARUTI
(CMP: 16,083)
UPGRADE BUY
TARGET PRICE : ₹18,900
Potential Entry-level Car Market Pickup Post GST Cuts & Price Changes
New Model Launches Resuming (Victoris SUV + eVitara) After 2.5 Years
Favorable Position In Upcoming Auto Demand Cycle
Lower CO2 Risk vs Peers Ahead Of CAFE 3 Regime In FY28
Expected Vol Growth: +5%/+12%/+9% In FY26/FY27/FY28 Vs Industry's +4%/+8%/+9%
Raised FY26-FY28 EPS Estimates By Up Το 12%
MOSL ON SUN PHARMA
MOSL maintains Buy on Sun Pharma with a target price of ₹1,960
Growth in branded markets to be driven by new launches, field force expansion, and increased marketing spend
Sun Pharma aims for consistent outperformance in India's branded business
Pipeline and field force scale-up expected to drive growth in the specialty segment
Projected FY25-27 earnings CAGR of 14%, led by 17% sales CAGR in specialty and 12% in DF/EM markets, along with 160bp margin expansion
Sun Pharma valued at 32x 12M forward earnings to arrive at TP of ₹1,960
CITI ON AB FASHION
Expect ABFRL To Be EBITDA Positive Post Rent In FY28
Expect Growth And Profitability To Improve, With The Latter Preceding The Former
Believe The Worst In Terms Of Pantaloons' Performance Is Behind
Maintains 'Overweight' With Target Price Of ₹131
Kotak Inst Eqt on Indus Tower
Buy, TP Rs 400
View recently announced African foray by Indus Towers favorably.
Africa offers high growth opportunity, both organic and inorganic, given significant network/subscriber under-penetration and fragmental market unlike India.
High tenancy with Airtel Africa (AAF) being the anchor tenant and partial linkage to US$ in rental terms to hedge currency risk would make tower economics favorable
Expect investments in initial years to be measured
Jefferies on Sun Pharma
Target Price ₹2070
Recommendation Buy
Sun Pharma focuses on volume growth and differentiated products in India
GLP seen as a key opportunity
Specialty business drove margin gains in past 5 years
MOSL on Sri Lotus Developers
Target Price ₹250
Recommendation Buy
Proxy to Mumbai's redevelopment story
Niche play in the luxury redevelopment space with a proven track record
Perfect blend: Strong testimony, product- and customer-oriented approach, and in-house end-to-end execution
GS on Cement
Witnessed price sustainability in July/August despite weaker than expected volumes
Seasonally weak quarter has driven stable operational numbers for Indian cement companies
Volumes were already weak in July/August growing mid-single digit
First half of September has seen weakness but the last week should see growth in driven by post GST cut pent-up demand
BofA on Infosys
Target Price ₹1780
Recommendation Buy
A significant cash build on books is dilutive for return ratios
Post the buyback program, company's cash chest appears adequate
Given the capital strategy, think buybacks are essential to meet the target
HSBC Asia Strategy - India Upgrade
India now appears attractive on a regional basis
Upgrade to Overweight from Neutral; Sensex target at 94,000
Local investors have remained resilient
Earnings growth expectations can fall a little further
Valuations are no longer a concern
Government policy is becoming a positive factor for equities
Most foreign funds are lightly positioned
GS ON ASHOK LEYLAND
(CMP: 144)
DOWNGRADE NEUTRAL
TARGET PRICE : ₹140/Sh
Limited Upside After Recent Rally
Mix Shift To Higher Tonnage & Margin Improvement Already Priced In
Expect Car Volume Growth to Outpace CV Over Next 12 Months
Replacement Demand Pickup Due To Aging Fleet
Demand Boost From Consumption-driven Sectors
Better-than-expected LCV Volume, Including New Saathi Light Trucks
AVENDUS SPARK ON KAJARIA CERAMICS
Management Taking Proactive Steps To Revive Volumes And Regain Market Share
Poised For Strong FCF Generation & Superior RoIC
Recalibrated Strategy With Brand Unification, Sales Channel Consolidation
Upgrades To 'Buy' From 'Add'; Hikes Target Price To ₹1,400 From ₹1,250
MS On Swiggy
(CMP: ₹450)
MAINTAIN OVERWEIGHT
TARGET PRICE: ₹450
Swiggy Board Approves 2,400 Cr Sale In Rapido
Strengthens Balance Sheet, In-line With Management Commentary
Board Approves Transfer of Instamart Business
Transfer Of Instamart Biz To Wholly Owned Step-Down Subsidiary On Slump Sale Basis
Move Aims To Create Focussed Entity For Quick Commerce
CITI on IndusInd BK
Sell. TP Rs 765
Management meet takeaways,
1] Post CEO & CFO coming on board, bank now focuses on filling ED positions
2] Forward flows (particularly in MFI) to keep slippages elevated; stabilization/normalization anticipated in 2H
3] Credit cost contingent on accelerated write-off timing (amortized through the fiscal or one-time impairment
4] Weak vehicle finance demand, run-down in MFI to be offset by other retail segments growth, resumption in corporate growth
5] Rebuilding fee income will be key post reset to low base in 1Q
6] Efforts underway to curtail opex growth (2H costs to be below that of 1H).
With RoA/RoE reset lower at 0.5%/4%, flawless execution and strategic roadmap under new leadership will be key
PRIME FOCUS: ALLOTS ₹2,255 CR PREFERENTIAL SHARES AND RAISES STAKE IN DNEG TO 88.28%
Company issued 18.79 crore shares at ₹120 each, raising ₹2,255 crore.
Promoter A2R Holdings received 10.24 crore shares, lifting stake to 53.27%.
Deal includes a share swap for DNEG and ₹171.8 crore cash infusion.
Equity base expanded from ₹58.75 crore to ₹77.55 crore.
Nuvama on Minda Corp
Buy, TP Rs 620
Minda's Vision 2030 meet Highlights ,
i) 2030 revenue/ EBITDA target of INR175bn/21bn implies a CAGR of 28%/30% over FY25–30E
ii) Incremental revenue over FY25–30E to be aided by growth in existing business, premiumisation, higher exports, new products and other opportunities
iii) Premiumisation to be driven by growth in the Smart Access, Cockpit Electronics and EV Harness segments.
iv) By FY30E, revenue share of PVsshall expand to 25% (14% in FY25), 2/3Ws’ to fall to 40% (47%), and CVs’ to dip to 25% (28%)
Nomura on Swiggy
Buy, TP Rs 550
Monetises Rapido investment to raise Rs 24bn
Corporate restructuring of ownership in Instamart (Q com) biz
Believe restructuring is a step in direction of enabling Instamart to own inventory in its Quick com business once Swiggy becomes an Indian Owned & Controlled Company (IOCC) when its domestic shareholding crosses 51%
Macquarie on Swiggy
U-P, TP Rs 285
Rapido stake-sale; Instamart slump sale
Swiggy had a net cash balance of about US$580mn ; Rapido stake sale shores up net cash balance to over US$850m
Believe slump sale of Instamart adds weight to view that external fund raises are required as est. an annual EBITDA loss of US$400-450mn in base case
For Food Delivery, presence of a new player with a lower commission structure model presents downside risk
Despite large TAM potential, our work suggests that the building blocks to support any meaningful fully accounted economic profit in the next 3 years are absent
Nuvama on CESC
Upgrade to buy, TP Rs 200
CESC’s RE growth plans have solidified; it aims to double PAT to Rs28bn over FY25–30E led by
i) 1.2/3.2GW RE addition by FY27E/29E and 10GW target by FY32E—3.8GW approved/7.6GW transmission connectivity applied for in high RE potential states
ii) New solar manufacturing initiative (3GW each cell, module) CoD by FY28E.
While CMP captures recent tariff hikes/RA recovery, valuations underplay strong RE pipeline & solar manufacturing initiative while a potential UP discom win could add a new growth optionality
Infosys : Infosys Extends Strategic Collaboration with Sunrise to Accelerate IT Transformation and Power AI Future
Karnataka Bank : Appointment of Mr. Raghavendra Srinivas Bhat as the Managing Director and CEO of the Bank In-house appointment seen (interim basis)
Minda Corp : Vision 2030 Targets
Revenue to rise 3.5x to ₹17,500 cr (from ₹5,100 cr in FY25)
EBITDA margin seen >12.5% (vs. 11.4% in FY25)
Net debt-to-equity to fall to 0.3x, nearly debt-free
ROCE projected >25% (vs. 20% now)
India close partner of US, but Trump imposed additional tariff for purchasing Russian oil: US State Secy Rubio
PSU BANK: GOVT MAY RAISE FOREIGN INVESTMENT LIMIT IN PSBS
Government proposes to increase foreign investment cap in public sector banks above 20%.
Move aims to help PSBs raise more capital, strengthen balance sheets, and support credit growth.
Centre will retain at least 51% stake to keep banks state-owned.
Step intended to make PSBs more efficient and globally competitive.
COMMERCE MINISTER, PIYUSH GOYAL ON INDIA-U.S. TRADE TIES - ET NOW
Energy security is a global priority requiring collaborative efforts
India is a major player in the energy sector
India imports significant amounts of energy from around the world, including the US
India expects to expand energy trade with the US in the coming years
US involvement will play a key role in achieving India's energy security goals
This partnership will ensure stable and diversified energy sources for India
Strengthened energy ties with the US could unlock broader opportunities beyond the energy sector
MOSL on Aditya Birla Fashion
TP Rs 100 vs Rs 85 (maintain Neutral)
Improved execution remains key to a sustained rerating
Pantaloons: Retail identity revamp underway; focus on improving margins
OWND!: Rebranding of Style-Up to cater to Gen Z
Ethnics: Profitability to improve with the reduction in TCNS losses
TMRW: Separate fundraising to accelerate growth and fund acquisitions
Luxury retail: Profitable and growing portfolio of premium high-end brands
Raise FY26-27E revenue by 5-8%, driven by higher growth in TMRW, luxury retail, and OWND!
FY26/27E EBITDA increases 12%/26%
Expect ABFRL to remain in losses over FY25-28, due to the drag from TMRW
ACME SOLAR: 250 MW PROJECT GETS CREDIT RATING UPGRADE FROM ICRA
ICRA upgraded ACME Aklera Power Technology’s rating from A+/Stable to AA-/Stable.
Upgrade backed by parent ACME Solar’s strong finances, refinancing, and healthy generation performance.
25-year PPA with SECI ensures stable cash flows and timely payments.
Rating applies to ₹1,072 crore term loan from Bank of America, Standard Chartered, and India Infradebt.
NTPC, POWER MECH, WALCHANDNAGAR IND, ENGINEERS INDIA: INDIA–FRANCE STRENGTHEN STRATEGIC TIES WITH FOCUS ON NUCLEAR AND DEFENCE
Discussions highlighted small and modular reactors, supporting India’s clean energy goals.
Defence cooperation to deepen, enabling technology transfers and boosting manufacturing.
Enhanced collaboration on regional and global security to strengthen India’s strategic position.
Implementation timelines depend on regulatory, financial, and technical approvals.
AKZO NOBEL : LARGE TRADE
12.4 Lk Shares Change Hands In A Pre-Market Large Trade
StocksToWatch | Here's a list of stocks that are in focus going into trade today
Akzo: Imperial Chem likely to sell up to 5% eq via block deals, floor price at 4% discount to CMP
Minda Corp : Solid FY30 Guidance
REV: 5,056 Cr → 17,500 Cr+ (28% CAGR)
EBITDA: 576 Cr → 2,100 Cr+ → (29.5% CAGR)
ROCE: 20% → 25%
Interesting
JPMorgan Chase expects India's IPO market to surpass 2024's record $20.5 billion raised from 91 deals, driven by favourable regulations and strong valuations
COFFEE DAY : LARGE TRADE
57 Lk Shares Change Hands In Pre-Market Large Trades
PhonePe files draft papers with SEBI for IPO via the confidential pre-filing route, to raise around ₹12,000 cr ($1.35 bn) via IPO solely via OFS -MC
SEPC: WINS ₹75.2 CR ORDER FOR CONSTRUCTION MATERIALS
Company received a purchase order worth ₹75.19 crore from Gefos Solutions Pvt Ltd.
Order involves supply and delivery of materials for four residential infrastructure projects.
Execution to be completed within 8–9 months, providing near-term revenue visibility.
Contract strengthens domestic market presence and is not related to promoter or group companies.
SHREE RENUKA SUGAR Management says Ethanol Value At Current FRP Is Going To Be Much Lower - NDTV PROFIT
Realisation From Ethanol Value Will Also Be Much Lower
NIFTY TO OPEN 60 PTS GAP DOWN
LODHA GROUP Management says Shocked And Saddened' With The Corporate Governance Issue w.r.t Director - CNBCTV 18
Our Preliminary Inquiry Reveals Wrongdoings Of ₹85 Cr
Can't Completely Rule Out If The Fraud Is More Than ₹85 Cr
Final Impact Will Be Revealed Post A Wider Forensic Audit
Source says 3 Shipping Sector Scheme Proposals Worth ₹70,000 Cr To Be Taken Up in Cabinet Meet Today - CNBCTV 18
Cabinet To Consider Shipbuilding Financial Assistance Scheme Of ₹25,000 Cr
Cabinet To Consider Maritime Development Fund Of ₹25,000 Cr
Cabinet To Consider Shipbuilding Development Scheme Worth ₹20,000 Cr.
ELARA ON CARTRADE TECH
Elara initiates coverage on CarTrade Tech with a Buy rating and target price of ₹3,590
Platform growth driven by used car marketplace, financing, and monetization of high-quality leads
Acquisition of OLX India strengthened C2C auto classifieds, expanded categories, and enhanced lead generation and pricing power
Strong cash flow and strategic investments in tech, EV, and remarketing support growth while maintaining a robust balance sheet
FY25-28E projections: Revenue/EBITDA/PAT CAGRS of 25.1%/36.7%/25.4%, reaching 1,260cr/₹380cr/₹280cr
Revenue CAGR expected at 25-28% with EBITDA margin expanding to 30.6% by FY28E
SCI , MAZAGON DOCK, COCHIN SHIPYARD , GARDEN REACH ; 3 Shipping Sector Scheme Proposals Worth ₹70,000 Cr To Be Taken Up in Cabinet Meet Today - CNBCTV18
Cabinet To Consider Shipbuilding Financial Assistance Scheme Of ₹25,000 Cr
Cabinet To Consider Maritime Development Fund Of ₹25,000 Cr
Cabinet To Consider Shipbuilding Development Scheme Worth ₹20,000 Cr
LUPIN, STRIDES: DGTR INITIATES ANTI-DUMPING PROBE ON ETHAMBUTOL HCL IMPORTS FROM CHINA AND THAILAND
Directorate General of Trade Remedies has started an anti-dumping investigation on Ethambutol Hydrochloride imports.
Probe aims to protect domestic manufacturers of this key TB drug ingredient.
Companies like Lupin, Cadila, Macleods, and Strides could benefit from reduced import pressure.
Investigation may take several months before any duties are imposed.
HSBC upgrades India to 'Overweight', sees Sensex rallying till 94,000 by 2026 end
L&T : Co forms Strategic Partnership with BEL for India''s 5th Generation Fighter Aircraft Programme
VMS TMT TO LIST WITH 6 GAINS

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