It’s Wednesday and after a phenomenal performance, the market has seen some downward movements.
What does this mean for the market and how should traders react to this turn of events?
Without further delay, let’s begin!!
Nifty has been rejected from the upside. What should traders expect?
Sell below – 19430 | Stop loss – 19570 | Target – 19290
The ‘tables’ have turned and literally, Nifty opened a gap up and seemed highly volatile. However, it was rejected from the upside and formed a bearish pin bar candlestick pattern. Traders can expect sideways to downside moves in the sessions to come.
Bank Nifty seems highly volatile. How will this affect the market?
Sell below – 44800 | Stop – loss – 45200 | Target – 44400|
The Bank Nifty opened at a gap up and seemed highly volatile. It’s formed a bearish candlestick pattern. Traders can expect some downside movement in the market.
Trending Equity News:
A lot of companies have been making the news in the stock market and here are the top contenders with the hottest stocks.
HCL Technologies:
Averaging the forecasts from Philip Capital, Nirmal Bang, AMP, and HDFC Securities, HCL Technologies is anticipated to generate a net profit of Rs 3,782 crore in Q1FY24. This is a decrease of 5.3% from one quarter to the next and an increase of 8.1% from one year to the next. In the April to June quarter, dollar revenues are anticipated to be in the range of $3,268 million, representing a 0.8% sequential growth and a 7.8% annual growth. The tech company’s revenue is anticipated to be approximately Rs 26,858 crore in Q1FY24, a 0.4% increase quarter over quarter and a 13.8% increase year over year, according to the mean consensus of the aforementioned four brokerage companies.
Plastiblends India:
The company’s Q1 profit was down 24 per cent YoY at Rs 7.6 crore vs Rs 10 crore. Revenue decreased 4.2% YoY at Rs 195.7 crore. Compared to the same quarter last year, the EBITDA margin was 6.8% instead of 8%.
Credent Global Finance:
The company said that the Rights Issue Committee of the Board at its meeting held on 11th July 2023, has inter alia considered and approved the rights issue size of 34,68,750 shares. Additionally, the price of Rs 140 per share was approved. The rights Entitlement Ratio will be 1 share for every 2 full shares held by the eligible equity shareholders. The record date is July 17.
That’s all for today folks. We’ll be back with more info.
Until then, Happy Trading!!
Commodity Samachar
Learn and Trade with Ease