Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

Global equities continue to trend higher following breakouts that have occurred during the past two weeks. Over this timeframe we have been recommending adding exposure to cyclical Sectors and, despite them getting near-term extended, we believe these upside moves are likely just getting going. Additionally, the US dollar is breaking below support and EM equities are breaking above resistance, only adding to our bullish outlook on global equities. We highlight actionable set-ups within the Consumer Discretionary, Global Real Estate and Utilities Sectors.

Global equities continue to trend higher following breakouts that have occurred during the past two weeks. Over this timeframe we have been recommending adding exposure to cyclical Sectors and, despite them getting near-term extended, we believe these upside moves are likely just getting going. Additionally, the US dollar is breaking below support and EM equities are breaking above resistance, only adding to our bullish outlook on global equities. We highlight actionable set-ups within the Consumer Discretionary, Global Real Estate and Utilities Sectors.

Global Equity Strategy: Still Bullish, But Extended Near-Term

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>On June 1, 2026, India's MNRE implemented ALMM-II, making it mandatory for all government-backed, subsidized, and net-metered/open-access solar projects to source solar cells exclusively from approved domestic manufacturers.</li>
<li>While India boasts ~225 GW of nameplate module manufacturing capacity (and ~193 GW approved under ALMM List-I), it currently has only ~31 GW of operational domestic cell capacity.</li>
<li>This transition phase over the next 6–9 months will be highly disruptive, but at the same time it provides massive moat and pricing power to large, vertically integrated domestic players.</li>
</ul>


On June 1, 2026, India's MNRE implemented ALMM-II, making it mandatory for all government-backed, subsidized, and net-metered/open-access solar projects to source solar cells exclusively from approved domestic manufacturers.
While India boasts ~225 GW of nameplate module manufacturing capacity (and ~193 GW approved under ALMM List-I), it currently has only ~31 GW of operational domestic cell capacity.
This transition phase over the next 6–9 months will be highly disruptive, but at the same time it provides massive moat and pricing power to large, vertically integrated domestic players.


India's Solar Civil War: Who Will Win Due to ALMM Cell Mandate?

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There could be 22 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 29 June.</li>
<li>If all changes are on expected lines, one-way turnover is estimated at 74.6% and that will result in a round-trip trade of INR 180bn (US$1.9bn).</li>
<li>There is a huge sector mismatch with Industrials and Utilities stocks expected to net gain 4 spots each while Financials are expected to lose 9 index spots.</li>
</ul>


There could be 22 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 29 June.
If all changes are on expected lines, one-way turnover is estimated at 74.6% and that will result in a round-trip trade of INR 180bn (US$1.9bn).
There is a huge sector mismatch with Industrials and Utilities stocks expected to net gain 4 spots each while Financials are expected to lose 9 index spots.


NIFTY200 Momentum30 Index Rebalance Preview: 75% One-Way Turnover & US$1.9bn Trade

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Capital Markets

Juniper Green Energy Ltd / Equity Capital Markets

<ul>
<li>This insight discusses about the broad structure of upcoming IPO of Juniper Green Energy IPO</li>
<li>It discusses about the company profile, Key metrics comparison &amp; Financial Snapshot.</li>
<li>Finally, we highlight the various points to look forward to in this IPO.</li>
</ul>


This insight discusses about the broad structure of upcoming IPO of Juniper Green Energy IPO
It discusses about the company profile, Key metrics comparison &amp; Financial Snapshot.
Finally, we highlight the various points to look forward to in this IPO.


Juniper Green Energy Ltd IPO – First Cut

<ul>
<li>NTPC, India’s largest power generator, added 6,615 MW in 10M FY26 - its fastest-ever capacity addition, while 9M FY26 group PAT rose 5.45% YoY to INR 16,931 crore.</li>
<li>The company is scaling both thermal brownfield projects and renewables, with a 60 GW green energy target by 2032, creating a diversified PSU power growth story.</li>
<li>NTPC’s cost-plus regulated model supports stable earnings, while NGEL’s renewable expansion and nuclear opportunities could become key long-term re-rating triggers.</li>
</ul>


NTPC, India’s largest power generator, added 6,615 MW in 10M FY26 - its fastest-ever capacity addition, while 9M FY26 group PAT rose 5.45% YoY to INR 16,931 crore.
The company is scaling both thermal brownfield projects and renewables, with a 60 GW green energy target by 2032, creating a diversified PSU power growth story.
NTPC’s cost-plus regulated model supports stable earnings, while NGEL’s renewable expansion and nuclear opportunities could become key long-term re-rating triggers.


NTPC Ltd.: India's Leading Power Generator Enters a New Phase of Growth

India

Adani Green Energy Limited is an Indian renewable energy company that develops, owns, and operates utility-scale grid-connected solar, wind, hybrid, and energy storage projects. The company supplies electricity to central and state government entities and government-backed corporations. It is headquartered in Ahmedabad, Gujarat, India, and was founded in 2015.

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Adani Green Energy (ADANIGR IN)

Global Equity Strategy: Still Bullish, But Extended Near-Term

Global equities continue to trend higher following breakouts that have occurred during the past two weeks. Over this timeframe we have been...

Vermilion Research

India's Solar Civil War: Who Will Win Due to ALMM Cell Mandate?

India's MNRE mandates sourcing solar cells from domestic manufacturers for government-backed solar projects, creating disruption and opportunity...

Sudarshan Bhandari

NIFTY200 Momentum30 Index Rebalance Preview: 75% One-Way Turnover & US$1.9bn Trade

We forecast 22 changes for the index in Dec. One-way turnover is estimated at 74.6% resulting in a round-trip trade of INR 180bn (US$1.9bn). The...

Brian Freitas

Juniper Green Energy Ltd IPO – First Cut

Insight into Juniper Green Energy IPO structure, company profile, key metrics, and what to expect in the upcoming offering.

Sreemant Dudhoria

NTPC Ltd.: India's Leading Power Generator Enters a New Phase of Growth

NTPC, India's largest power generator, achieves record capacity addition and profit growth in FY26, with focus on renewables and a 60 GW green...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Global Equity Strategy: Still Bullish, But Extended Near-Term

Global equities continue to trend higher following breakouts that have occurred during the past two weeks. Over this timeframe we have been...

Vermilion Research

India's Solar Civil War: Who Will Win Due to ALMM Cell Mandate?

​India's MNRE mandates sourcing solar cells from domestic manufacturers for government-backed solar projects, creating disruption and opportunity...

Sudarshan Bhandari

NIFTY200 Momentum30 Index Rebalance Preview: 75% One-Way Turnover & US$1.9bn Trade

We forecast 22 changes for the index in Dec. One-way turnover is estimated at 74.6% resulting in a round-trip trade of INR 180bn (US$1.9bn). The...

Brian Freitas

Juniper Green Energy Ltd IPO – First Cut

​Insight into Juniper Green Energy IPO structure, company profile, key metrics, and what to expect in the upcoming offering.

Sreemant Dudhoria

NTPC Ltd.: India's Leading Power Generator Enters a New Phase of Growth

​NTPC, India's largest power generator, achieves record capacity addition and profit growth in FY26, with focus on renewables and a 60 GW green...

Sudarshan Bhandari

India's MNRE mandates sourcing solar cells from domestic manufacturers for government-backed solar projects, creating disruption and opportunity...

Insight into Juniper Green Energy IPO structure, company profile, key metrics, and what to expect in the upcoming offering.

NTPC, India's largest power generator, achieves record capacity addition and profit growth in FY26, with focus on renewables and a 60 GW green...