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June 27, 2025

Daily Morning Report Date: 27.06.2025
NIFTY OUTLOOK: 25549 FII: 12,594.38 cr DII: -195.23 cr
As discussed yesterday, market behaviour remained on expected lines as Nifty continued its positive momentum and rallied up to 25,567.
A long bullish candle on the daily chart indicates strong buying pressure.
The index may face resistance around 25,617 to 25,683. A breakout and sustained move above these levels could push Nifty towards 25,755 to 25,817.
On the downside, immediate support lies between 25,482 to 25,415. A breakdown below these levels may drag Nifty further to 25,348 to 25,281.
Bank Nifty OUTLOOK:
SPOT: 57,206.70 PCR: 1.08 Max CE OI: 56,000 Max PE OI: 56,000
On 26th June 2025, Bank Nifty closed at 57,206.70, up 1.03% from the previous day.
The index moved 705.10 points during the session, making a high of 57,263.45 and a low of 56,558.35.
Technical View on Daily Chart:
Key support and resistance levels are 56,800 and 58,200 respectively.
Intraday Strategy:
Go Long above 57,400 with stop loss 57,335 and target 57,590.
Go Short below 57,010 with stop loss 57,085 and target 56,810.
RSI: The Relative Strength Index stands at 65.5 (below 30 is oversold, above 70 is overbought).
SMA Analysis:
Bank Nifty is trading above all 8 SMAs (5, 10, 20, 30, 50, 100, 150, 200 days).
No active candlestick pattern identified.
Macros.
1. Dollar index @ 96.88
2. Vix @ 16.59
3. Brent crude @ 67.01
4.10 years bond yield @ 4.258
Note: The dollar sank to a more than three-year low even as global shares hit a third straight record high on Thursday, amid rising concerns over the Federal Reserve’s independence.
The U.S. dollar index (.DXY) fell nearly 0.5% in the session and is down over 10% for the year. If this trend continues, it would mark the steepest H1 decline since the era of free-floating currencies began in the early 1970s.
Trade talks between India and the U.S. hit a roadblock over duties on auto components, steel, and farm goods, dashing hopes of an interim deal. The U.S. has extended the deadline to impose reciprocal tariffs, now set for 9th July.
As for Indian equities, Nifty and Bank Nifty broke out of their broad consolidation range. Nifty may move towards a new all-time high in the coming quarter. Midcaps and small-caps are likely to outperform their peers.
Contributed by
Ashok bhandari : INH000019549
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CLSA ON SBI (CMP: 797)
MAINTAIN : OUTPERFORM
TARGET: ₹1,050
SBI Is In A Sweet Spot; For 4th Consecutive Year, It Gained Market Share
Gained Mkt Share Not Just From PSU Banks, But Also From Some Private Sector Banks
Deposit Performance Was Mixed, With Modest Growth
CASA Performance Was Better Than Peers
Asset Quality Remains Strong
One Of The Few Banks Whose Gross Slippage Ratio Improved In FY25
On Other Hand, NIM Performance Was Weak
Expect SBI To Largely Maintain Loan Market Share Over The Next Two Years
While FY26 Will Likely Be Weak Due To NIM Compression
Bank Should Deliver 1% RoA/ 14-15% RoE In FY27
See Upside Optionality To PAT From Higher-Than-Expected Treasury Gains
Upside Optionality To Valn From Potential Divestment Of Its Stakes In Yes Bank & NSE
@beatthestreet10
HSBC ON VARUN BEVERAGES
Maintains 'Buy' With Target Price Of ₹670
Recent Market Concerns Seem Overdone
Bad Weather & Competition, Typical Industry Brand Innovation Miss Don't Justify Drop In Equity Value
Driving Repeat Consumption In Urban India, Rural 3 Still One Of Best Beverage Growth Opportunities
Trading At A 20% Discount To Average PE Multiple
@beatthestreet10
JPMORGAN ON IT ER&D
ER&D Growth Premium To IT Will Reverse In FY26 And Go To A Discount
Auto Headwinds To Derail Growth Story For ER&D
IT Services Relatively Better Placed Due To High BFSI Exposure
ER&D Valuation Premium Has Come Off, But Is Still High
Persistent Systems Preferred Within ER&D
@beatthestreet10
CLSA ON SBI
(CMP: 797)
MAINTAIN OUTPERFORM
TARGET : ₹ 1,050
SBI Is In A Sweet Spot; For 4th Consecutive Year, It Gained Market Share
Gained Mkt Share Not Just From PSU Banks, But Also From Some Private Sector Banks
Deposit Performance Was Mixed, With Modest Growth
CASA Performance Was Better Than Peers
Asset Quality Remains Strong
One Of The Few Banks Whose Gross Slippage Ratio Improved In FY25
On Other Hand, NIM Performance Was Weak
Expect SBI To Largely Maintain Loan Market Share Over The Next Two Years
While FY26 Will Likely Be Weak Due To NIM Compression
Bank Should Deliver 1% RoA/14-15% RoE In FY27
See Upside Optionality To PAT From Higher-Than-Expected Treasury Gains
Upside Optionality To Valn From Potential Divestment Of Its Stakes In Yes Bank & NSE
Sources says FM will chair the annual review meeting with Public Sector Banks today - ET NOW
Heads of all Public Sector Banks will attend the meeting
The DFS Secretary and other senior officials will be present
FM will review the financial performance of PSBs along with other key issues
Financial performance for FY25 and progress on deposit growth are likely to be in focus
Banks are expected to make presentations on steps taken to improve deposit growth
Credit growth to sunrise sectors, status of loan recovery, and digital infrastructure may also be assessed
Instructions may be issued to take stringent cybersecurity measures
The current status of the Government's flagship schemes may also be reviewed
UBS ON NBFCs
Initiate Buy On PNB Hsg, Target ₹1,300/sh
Initiate Neutral On Bajaj Hsg, Target 135/sh
Expect 12-14% FY25-27 Housing Loan CAGR On Structural & Cyclical Factors
Opportunity For HFCs In Mass Market
Developer Financing Is Attractive Cyclically
JP Morgan On L&T Technology
Downgrade to Neutral from Overweight; Cut target price to Rs 4,100 from Rs 5,000
Expect the Mobility business to see extended headwinds from delays in ramp-ups of deals from Auto OEMS
This will likely drag down growth for FY26 to below 10% and organic growth down to 3%
Expect the company to lower its FY26 revenue guidance over the next four months
Macquarie On Nykaa
Maintain Underperform with TP of Rs 145
Growth targets largely reiterated
Retained its FY25-30 beauty GMV growth guidance
Moderated fashion sales growth targets; Reiterated Fashion EBITDA breakeven for FY26
Reduction in EBITDA loss at beauty eB2B segment
See risk to beauty margin estimate from higher delivery costs linked to Nykaa Now expansion
Possible Trade Deal Soon With India, Says Donald Trump - CNBCTV 18
We Are Close To Finish Line w.r.t Trade Deal With India, Says US Commerce Secy
China Deal Signed 2 Days Ago Includes Rare-earths Part, US Commerce Secy Says
China Is Going To Deliver Rare-earths To US, US Commerce Secy Says
US Will Remove Curbs On Ethane Exports To China After Its Sends Rare-earths
Govt imposes anti-dumping duty on plastic processing machines (PPM) or injection moulding machines from China, Taiwan - CNBCTV
Equirus on Dixon
Add Rating with TP at 18000
Remain positive on the stock, with multiple near-term positive catalysts in play!
Concerns around Xiaomi reallocating volumes to DBG/Bhagwati post FY26 appear 'premature'
-Dixon largely caters to sub-Rs 7,000 ASP smartphones that qualify for PLI benefits – unlike the higher ASP segment where shifts have occurred!
Motorola’s diversification plans pose another risk
-Dixon’s ~12mn volume order book remains intact, and any post-PLI transition should be offset by export-led growth from higher ASP models.
PLI expiry may weigh on EBITDA, Dixon is well placed given proactive backward integration
-Of the 3.9% margin in FY25, ~0.5% percentage points was retained from PLI. Upcoming Chennai facility aims to lift localisation share from 4-5% to 15-17%.
Strategic moves – such as the 70:30 JV with HKC for display modules and a planned tie-up / inorganic acquisition with a global camera module player
-Highlight Dixon’s intent to tap the July 2025 Electronics Component Policy and re-engage global brands
BofA On Nykaa
Maintain Underperform with target price of Rs 172
Steady BPC traction, Fashion to break-even
Nykaa Now: Express delivery for beauty assortment
Potentially, long term, Nykaa may look to charge a platform fee, if needed

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