Research notes

The note initiates coverage with an 'Accumulate' rating and INR1,950 target (35x FY29E P/E), saying NSE's near-monopoly in cash equities and futures, diversified recurring revenue streams and margin normalisation to 76% by FY29E support the call, while index options share erosion and regulatory curbs (CAS, prop trading rules) are a drag and the IPO valuation of INR4.4trn largely captures the premium.

The note states a Buy with a buying range of 343-348, add on dip at 333, stop loss 326 and target 370 over up to 10 days, citing a bullish reversal from the 50 DEMA, higher volumes, a bullish hourly RSI setup and a higher top-higher bottom formation.

The note says to buy AU Bank October futures around an average level of 1030 (CMP 1061.6) with a stop loss of 1010 and a target of 1130 over a 1-10 day horizon, citing a long build-up in futures, price above the 5- and 11-day EMAs and multiple bottoms formed around the 120-odd level.

The note says the stock has formed a strong bullish candle with a volume-backed intraday breakout, trades above key moving averages with a positive RSI, and suggests buying in the Rs 2,911.60-2,940 range with a stop loss of Rs 2,785 and target of Rs 3,090 over up to 10 days.

The note states a buying range of 1845-1860 (CMP 1845.90), add on dip at 1800, stop loss at 1770 and a target of 1950 over a horizon of up to 15 days, citing a bullish reversal from the 50 DEMA, a jump in intraday volumes, a bullish RSI setup on the hourly chart and a higher top-higher bottom structure.

The note says to buy Canara Bank October futures at an average level of 123 (CMP 125.87) with a stop loss of 120 and a target of 134 over a 1-10 day horizon, citing long build-up in open interest, price above the 5- and 11-day EMAs and multiple bottoms around 120.

The note states a positional buy on IKS in the 1960-1933 range (add on dip at 1870, stop loss 1825) with targets of 2065-2150 over up to two months, citing a weekly higher tops and bottoms pattern, a down-sloping trendline breakout with rising volumes and positive RSI, at a CMP of 1932.80.

The note suggests buying Britannia's 4900 Put option for October expiry on a short-buildup logic, with target 140.

The note suggests buying Blue Star's 1520 Put option for October expiry on a short-buildup logic, with target 65.

The note suggests buying Voltas' 1100 Put option for October expiry on a short-buildup logic, with target 50.

The note suggests buying MCX's 3300 Call option for October expiry on a short-covering logic, with target 160.

The note suggests buying IndiGo's 5100 Call option for October expiry on a short-covering logic, with target 200.

The note flags Welspun Living as a technical stock on radar citing a consolidation breakout and holding above the 100-day moving average.

The note flags RBL Bank as a technical stock on radar citing a daily chart range breakout, RSI bullish crossover and robust volumes.

The note gives a technical conviction delivery BUY idea on JSW Infrastructure at CMP 367 with target 398 and stop loss 352, citing range breakout and volume surge.

The note lists Adani Ports as a Focus Investment Idea with a BUY rating and target of Rs 2130.

The note lists Eternal as a Focus Investment Idea with a BUY rating and target of Rs 400.

The note lists Emcure Pharma as a Focus Investment Idea with a BUY rating and target of Rs 2300.

The note lists Syrma SGS Technology as a Focus Investment Idea with a BUY rating and target of Rs 2000.

The note lists Radico Khaitan as a Focus Investment Idea with a BUY rating and target of Rs 5000.

The note gives a Velocity Idea BUY call on HAL with target ₹5,500 and stop loss ₹4,600, citing improved engine deliveries for Tejas Mk1A and multiple growth levers across programs.

The note rates Pearl Global BUY with a target of INR 1365, citing new manufacturing capacity in Bangladesh, planned capacity expansion, and strong revenue/EBITDA/PAT growth projections.

The note upgrades IDFC First Bank to BUY with a target of INR 105, citing strong balance sheet growth, FCNR(B) mobilisation benefits, improving asset quality and expected earnings recovery.

The note reports Lemon Tree Hotels opened a new property in Nashik via its subsidiary Carnation Hotels, expanding its Maharashtra presence, viewed positively.

The note reports Manappuram Finance entered a two-year jewellery manufacturing agreement with Titan, viewed positively for visibility through a marquee customer.