Research notes

The report lists SWIGGY under 'Short Build Up' in derivatives market monitor.

The report lists FEDERALBNK under 'Long Build Up' in derivatives market monitor.

The report lists SRF under 'Long Build Up' in derivatives market monitor.

The report lists SAGILITY under 'Long Build Up' in derivatives market monitor.

The morning call tracker lists a closed buy call on IndiGo entered at 4800 with stoploss 4690 and target 5130, resulting in a -5% outcome.

The morning call tracker lists an open buy call on Nykaa entered at 345 with stoploss 328 and target 370, currently showing a -8% status.

The morning call tracker lists an open buy call on Kajaria Ceramics entered at 1226 with stoploss 1181 and target 1310, currently showing a -7% status.

The report describes Bank Nifty as range-bound with mixed technical signals, suggesting selective stock-specific trading.

The report says Nifty formed a Doji and continues a negative bias, nearing a 22,500-22,600 demand zone, with strategy to avoid aggressive long positions.

The report maintains a REDUCE rating with a revised Sep-27 target price of INR 1,575 (down from INR 1,800), citing Q2 results below expectations, margin pressure from a 40% YoY jump in A&P spends, and limited visibility on whether higher media investment will translate into sustained growth.

The report maintains a BUY rating with a revised SOTP-based target price of INR 435/share (down from INR 460), citing largely in-line Food Delivery performance offset by widening consolidated adjusted EBITDA losses due to higher Quick Commerce and Toing-led losses.

The report retains BUY on Mahindra Lifespaces with a target of INR 612, citing a strong H2FY27 launch pipeline, healthy business development additions, and stable balance sheet despite near-term demand risks.

The report retains BUY on Cyient with an SoTP-based target of INR 1,410, noting a turnaround in the DET segment, record order intake, and margin expansion.

The report maintains ADD on CreditAccess Grameen with a revised target of INR 1,595, highlighting strong NIM reflation and loan growth but flagging asset quality as a monitorable due to monsoon deficit in key states.

The report maintains ADD on Havells with a raised target price of INR 1,290, citing 35% YoY revenue growth led by cables and a constructive management outlook for the festive season despite cost inflation.

The report maintains ADD on SRF citing market share protection, pharma scale-up, fluoropolymer growth and PFB value addition, though it notes Q2 EBITDA/APAT were 8/14% below estimates due to raw material cost pressure.

The report gives a technical BUY call on CRISIL with a target of 5640, support levels at 4705-4630-4570-4520-4450, and a stop loss at 4345, citing a Symmetrical Triangle Breakout and positive indicator crossovers.

The report notes Pitti Engineering approved ₹450 crore capex through FY2030-31 to expand sheet metal lamination and machining capacity, funded via internal accruals and debt.

The report states Swiggy's Q2 FY27 consolidated net loss narrowed to ₹922 crore from ₹1,092 crore, revenue rose 36.1% to ₹7,571 crore, food delivery adjusted EBITDA reached ₹341 crore, and Instamart's NOV grew 31.4% YoY to ₹6,594 crore while its EBITDA loss remained ₹895 crore.

The report notes eMudhra's board decided to exit the global SSL/TLS certificate business following a security incident, a business contributing about 1% of global revenue, while other operations continue.

The report states Adani Energy Solutions reported Q2 FY27 PAT of ₹1,364 crore (up 145% YoY), total income up 51% to ₹10,239 crore, EBITDA up 67% to ₹3,548 crore, and a transmission pipeline of about ₹87,000 crore after winning the Vizag and Satara projects.

The report notes NLC India signed MoUs with Odisha's IPICOL for a proposed 3,200 MW coal-based power plant worth an estimated ₹35,000 crore, plus a beach sand mineral processing facility worth ₹2,000 crore, and studies on coal gasification.

The report says Q2FY27 revenue rose 3.8% QoQ to INR 7,958mn but revenue yield slipped to 40.4bps as opex stayed flat and operating profit hit a record INR 5,375mn, while reported PAT fell 35.6% QoQ due to an exceptional SEBI settlement charge, leading Elara to retain Accumulate with a revised DCF-based target price of INR 1,165 (from INR 1,200), citing structural yield compression and a pause in market-share gains as near-term constraints despite 19% implied upside.

The report lists Reliance as a top loser in Nifty 50, down 2.03% to 1,184.50.

The report lists TMPV as a top loser in Nifty 50, down 2.07% to 270.