As we reach the mid-week market, the stakes are high and traders have been anticipating big moves.
Indian indices witnessed profit booking in the previous sessions, however, the question on all trader’s minds is if the trajectory may continue.
Well, our analysts have something contrary to say about the market.
Let’s dive into the blog and understand where today’s market is heading!!
Nifty witnessed high-profit booking, but where’s the market going next?
Sell Below – 19580 | Stop loss – 19680 | Target – 19480 |
Our analysts have been on the scene since morning and witnessed that Nift’s last session opened the gap up. It has witnessed a profit booking and has formed a small body belt along with candlestick patterns.
Traders should expect a downward movement in the upcoming sessions.
Bank Nifty witnesses a surge of high volatility. What’s next for the market?
Sell Below – 44940 | Stop Loss – 45250 | Target – 44630 |
In certain situations, bank Nifty and Nifty go hand in hand, but in the previous session, it was quite different.
Bank Nifty’s last session opened the gap up and witnessed high volatility followed by a closed narrow range. It has formed a small body pin bar candlestick pattern.
Traders may expect downward movement to ensue in upcoming trading sessions.
Results:
Results are an important part of the Stock market dynamic as they are indicators of the status of companies in the market. Let’s see which companies are declaring their results today.
Tata Power Company, Zee Entertainment Enterprises, Abbott India, Bajaj Consumer Care, Bata India, Berger Paints India, Bharat Forge, Granules India, Indian Railway Catering and Tourism Corporation, Kalyan Jewellers India, Max Financial Services, Natco Pharma, PI Industries, Sandhar Technologies, Schneider Electric Infrastructure, Sula Vineyards, Sunteck Realty, etc. shall be in focus ahead of declaring the quarterly earnings.
Trending Equity news:
Several companies have been making their moves known across the market. It’s time to understand where they stand, and what the next move is in the market. let’s get started!!
Coal India:
The state-owned coal miner has recorded better-than-expected earnings for Q1FY24, though its consolidated profit fell 10.1% on-year to Rs 7,941.4 crore, impacted by weak operating numbers, but supported by higher other income. In the June quarter, revenue from operations increased 2.5% year on year to Rs 35,983 crore, with raw coal output increasing 9.8% year on year to 175.47 million tonnes and raw coal offtake increasing 5.3% to 186.95 million tonnes.
Siemens:
The company has reported a consolidated profit of Rs 455.5 crore for the quarter ended June FY23 (Q3FY23), rising 51.5% over the year-ago period, driven by higher other income and operating numbers. Revenue from operations grew by 14.4% YoY to Rs 4,873.2 crore, while its new orders stood at Rs 5,288 crore, a 5.9% increase over the same period last year.
Bikaji Foods International:
In a surprising turn of events, Lighthouse Indian Fun III, owned by a Mumbai-based private equity investor, has sold 35 lakh equity shares or a 1.4% stake in the snack company via open market transactions at an average price of INR 480 per share. In a last-minute twist, Tata AIA Life Insurance Company has bought 15.62 lakh equity shares or 0.6% stake in the company at the same price as well.
Ideaforge Technology:
Being a headliner in drone manufacturing, the drone manufacturing company Ideaforge Technology has registered consolidated profit at INR 18.86 crore for the quarter ended June FY24, falling sharply by 54.3% compared to the year-ago period, dented by weak operating numbers and a lower topline. During the same period, revenue from operations fell 2.2% to Rs 97 crore.
That’s all for today folks. We’ll be back with more info soon.
Until then, Happy Trading!!
Commodity Samachar
Learn and Trade with Ease