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

S&P BSE SENSEX Index / Technical Analysis

S&P BSE SENSEX Index (SENSEX INDEX EQUITY)

<ul>
<li>Our 2023 outlook remains unchanged as we continue to expect broad-based consolidation with $93 capping upside on MSCI ACWI (ACWI-US), while important downside targets are $86, $84, and $75-77.</li>
<li>We still recommend tactical overweight to defensives including gold miners and MSCI ACWI Staples, Health Care, and Utilities, given ACWI-US remains near the top of our expected 2023 trading range.</li>
<li>We are now starting to see broad-based improvement, particularly in Japan and India, but also in Taiwan and South Korea. Most of today's buy recommendations are cyclicals in these countries.</li>
</ul>


Our 2023 outlook remains unchanged as we continue to expect broad-based consolidation with $93 capping upside on MSCI ACWI (ACWI-US), while important downside targets are $86, $84, and $75-77.
We still recommend tactical overweight to defensives including gold miners and MSCI ACWI Staples, Health Care, and Utilities, given ACWI-US remains near the top of our expected 2023 trading range.
We are now starting to see broad-based improvement, particularly in Japan and India, but also in Taiwan and South Korea. Most of today's buy recommendations are cyclicals in these countries.


Broad-Based Improvement in India, Add Exposure/Overweight. Buys: Cyclicals in Japan, India, & Taiwan

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Thematic (Sector/Industry)

<ul>
<li>Improved connectivity has led to an increase in leisure travel, resulting in reduced seasonality of the hotel business.</li>
<li>Premium branded hotels have seen an increase in ARR due to an increase in customers' spending power and demand for value.</li>
<li>While entering the industry poses no major challenges, running a hotel is becoming increasingly difficult due to rising costs and competition.</li>
</ul>


Improved connectivity has led to an increase in leisure travel, resulting in reduced seasonality of the hotel business.
Premium branded hotels have seen an increase in ARR due to an increase in customers' spending power and demand for value.
While entering the industry poses no major challenges, running a hotel is becoming increasingly difficult due to rising costs and competition.


India Channel Insight #49 | Hotels - Demand and Occupancy Trends

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

<ul>
<li>Travel and Tourism was one of the forefronts in the 2023-24 union budget speech.</li>
<li>While majority of the sectors have seen revival, the travel and tourism sector is still in recovery mode that awaits extraordinary growth.</li>
<li>Given the recent uptick in sectoral tailwinds and the conscious push by the government, travel and tourism looks set to be one of the 'Theme of the year'.</li>
</ul>


Travel and Tourism was one of the forefronts in the 2023-24 union budget speech.
While majority of the sectors have seen revival, the travel and tourism sector is still in recovery mode that awaits extraordinary growth.
Given the recent uptick in sectoral tailwinds and the conscious push by the government, travel and tourism looks set to be one of the 'Theme of the year'.


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 Bottom-Up

Tata Investment Corporation / Equity Bottom-Up

Tata Investment Corporation (TATAINVE IN)

<ul>
<li>In this insight, we discuss about the holdco structure of <a href="https://www.smartkarma.com/entities/tata-investment-corp-ltd" target="_blank" data-smartkarma-citation="entities:6308:1" rel="noopener">Tata Investment Corp (TICL IN)</a> </li>
<li>Further, we highlight how the holdco discount has burned away in recent years and what were the reasons.</li>
<li>Finally, we discuss about the implications that a <a href="https://www.smartkarma.com/entities/tata-sons-private-ltd" target="_blank" data-smartkarma-citation="entities:25999:1" rel="noopener">Tata Sons Private Ltd (47588Z IN)</a> listing could have on the company.</li>
</ul>


In this insight, we discuss about the holdco structure of Tata Investment Corp (TICL IN) 
Further, we highlight how the holdco discount has burned away in recent years and what were the reasons.
Finally, we discuss about the implications that a Tata Sons Private Ltd (47588Z IN) listing could have on the company.


Holdco Series: Tata Investment Corporation Ltd- The Discount That Burned Away

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.</li>
<li>Here we have presented our final expectations for these indices for the September 2026 index rebal event.</li>
<li>We see one change for NIFTY 50 and five changes for NIFTY 100 (and NIFTY Next 50).</li>
</ul>


NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
Here we have presented our final expectations for these indices for the September 2026 index rebal event.
We see one change for NIFTY 50 and five changes for NIFTY 100 (and NIFTY Next 50).


Quiddity Leaderboard NIFTY Sep26: Final Expectations; ~US$1bn Combined One-Way Flow

India

Indian Hotels Company Limited operates The Taj Group of hotels.  The Company owns or maintains long term leases/licenses for hotels in India, in addition to International hotels.  The Group's hotels are divided into three groups: Luxury, Business, and, Leisure.

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Indian Hotels (IH IN)

Broad-Based Improvement in India, Add Exposure/Overweight. Buys: Cyclicals in Japan, India, & Taiwan

Seeing broad-based improvement in India #SENSEX -- overweight/add exposure. We still recommend a tactical overweight to ACWI defensives with $ACWI...

Vermilion Research

India Channel Insight #49 | Hotels - Demand and Occupancy Trends

Travel industry trends in India: Improved connectivity leads to rise in leisure destinations, seasonal fluctuations reduced, customers seek value.

Pranav Bhavsar

Travel and Tourism: Theme of the Year

Given the recent uptick in sectoral tailwinds and the conscious push by the government, travel and tourism looks set to be one of the 'Theme of the...

Nitin Mangal

Holdco Series: Tata Investment Corporation Ltd- The Discount That Burned Away

Tata investment takes off. The Reserve Bank of India on August 6 retained Tata Sons in the Upper Layer NBFC list. To avoid a listing, Tata Sons...

Sreemant Dudhoria

Quiddity Leaderboard NIFTY Sep26: Final Expectations; ~US$1bn Combined One-Way Flow

The 6-month reference period for the NIFTY September 2026 index review is from 1st February 2026 to 31st July 2026. This period is over now. These...

Janaghan Jeyakumar, CFA

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