It’s a fine day to trade as Indian indices witness a reversal trend to the upside.
It’s Thursday and the market seems to be under a frenzy of selling pressure. As traders race towards making their plays, what will the fate of the market be?
Let’s dive into and get started with today’s market outlook.
Nifty witnesses thrilling selling pressure. What’s next for the market?
Buy Around – 19620 | Stop loss – 19250 | target – 19720 |
After a ranged market trading session, our analysts have discovered that the market may be taking a U-turn. Nifty’s last session opened the gap down and witnessed strong selling pressure. It has formed a strong bearish candle with lower rejection from 50 DMA. Sideways to upward movement can be expected by fellow traders out there.
Bank Nifty follows Nifty’s path and witnesses selling pressure. What should traders be focused on?
Buy Above – 45200 | Stop loss – 44800 | target – 45600 |
The last session of Bank Nifty opened the gap down and strong selling pressure is seen in the day. It has formed a hammer-kind of candlestick pattern as well.
Traders can expect a sideways to upward movement.
Trending Equity news:
There are several companies making the news. News that may shift the tide of the market. Let’s dive into what the companies have to say.
Titan:
Due to dismal operating results, the consumer lifestyle company’s standalone profit for the June quarter was Rs 777 crore, down 2% from the same quarter last year. In comparison to the same quarter last year, operating revenue increased by 24.4% to Rs 11,145 crore, with the jewellery sector expanding by 25.8% to Rs 10,008 crore. EBITDA decreased by 5.2% year over year to Rs 1,103 crore, and the margin shrank by 310 bps during that time.
InterGlobe Aviation:
The Gurgaon-based low-cost airline IndiGo operator reported its highest-ever quarterly profit and revenue in Q1FY24. Profit stood at Rs 3,090.6 crore compared to a loss of Rs 1,064.3 crore in the year-ago period, backed by strong operational performance, execution of strategy and favorable market conditions.
Hindustan Petroleum Corporation:
The state-owned oil retailer reported a standalone profit of Rs 6,203.9 crore for the quarter ended June FY24, rising 92.5% from the previous quarter driven by strong operating numbers.
That’s all for today folks!!
We’ll be back with more exciting news soon. Until then, Happy Trading!!
Commodity Samachar
Learn and Trade with Ease