It’s a new week and a new day. After the market’s tremendous performance in the past week, traders might witness things a bit differently this time around.
So without further adieu, let’s delve into the analysis.
Nifty prices witnessed selling pressure. What does this mean for the market?
Sell below – 19380 | Stop loss – 19480 | Target – 19280 |
Our analysts noticed that the Nifty price broke out from a recent high and tested at 19523.60 and then saw selling pressure. it formed a strong bearish pin bar candlestick pattern right after. Traders can expect some corrections on the downside in the following days to come.
Bank Nifty follows suit and faces selling pressure. What’s the next move for traders?
Sell around – 45050 | Stop loss – 45200 | Target – 44900 |
The Bank Nifty price broke from a recent high and tested t 45655.50 and then saw selling pressure. It formed a broadening wedge pattern as well. Traders can expect some corrections on the downside.
Trending Equity News:
Reliance Industries:
Reliance Industries said the board of directors of Reliance Retail has approved the reduction of the equity share capital to the extent held by shareholders other than its promoter and holding company Reliance Retail Ventures. The consideration for the capital reduction will be Rs 1,362 per share, as determined by the valuation received from two reputable independent registered valuers. RIL has fixed July 20 as the record date to determine the equity shareholders who are entitled to receive shares of Reliance Strategic Investments (RSIL). Under the scheme of the arrangement, Reliance Strategic Investments will allot one fully paid-up equity share of RSIL of the face value of Rs 10 each, for every share of Reliance Industries as on the record date. Then Jio Financial Services (JFSL) will replace Reliance Strategic Investments as the company’s name.
Tata motors:
A 5% increase over Q1FY23, the business has reported group global wholesales for the April to June quarter of FY24 at 3.22,159 vehicles, including Jaguar Land Rover. Global wholesales of passenger vehicles climbed by 8% to 1.4 lakh units within the same time period, while wholesales of commercial vehicles and Tata Daewoo declined by 15% YoY to 88,456 vehicles. Global wholesales for Jaguar Land Rover were 93,253 automobiles, with 10,324 for the quarter for Jaguar and 82,929 for Land Rover.
Som Distilleries and Breweries:
The company has received approval from its board members for fundraising up to Rs 141.62 crore through the issue of convertible equity warrants to the promoters, promoter group and other public investors on a preferential basis. It will issue up to 51.5 lakh warrants convertible in one or more tranches to equity shares at a price of Rs 275 per warrant. The board also authorised the issuance of 2.5 lakh equity shares on a preferential and private placement basis at a price of Rs 275 per share to a select group of firm non-promoters in order to raise money.
Hindustan Zinc:
The mining company has declared an interim dividend of Rs 7 per share for FY243, amounting to Rs 2,957.72 crore.
That’s all for today but don’t you worry. We’ll be back with more news soon.
Until then,
Happy Trading!!
Commodity Samachar
Learn and Trade with Ease