Unlike traders with Monday blues, the market seems to be facing quite a lot of pressure and turbulence.
Owing towards several geopolitical pressures and also news from the Adani base, the Indian Indices are off to a turbulent start.
Our analysts have been on the scene and have been scouring the charts for any kind of clues as to the direction the market will be taking today.
So without further delays, let’s begin and brace for what’s to come!!
Nifty faces rejection from the upside. What’s the direction the market will make?Sell Around – 19500 | Stop Loss – 19600 | Target – 19400 |
Owing to several geopolitical pressures and news from the Adani base, Nifty’s last session opened flat and it got rejected from the upside. It formed a belt and held a candlestick pattern.
Traders can expect a highly volatile session to come.
Bank nifty witnesses high selling pressure. Will this trend continue?
Sell Around – 44400 | Stop Loss – 44700 | Target – 44100 |
Bank Nifty seems to be witnessing high selling pressure. The last session opened the flat and ensuingly witnessed high selling pressure.
It has formed a bearish belt and held a candlestick pattern.
Traders can expect sideways to downward movements in the upcoming sessions.
Results:
Several companies have been making great moves and here are the results that show how far they’ve reached. Let’s review!!
ITC, Vodafone Idea, Easy Trip Planners, Aster DM Healthcare, Hindustan Copper, Lux Industries, Senco Gold, Swan Energy, Uflex, and Zuari Industries as so many more companies are in focus ahead of their quarterly earning release on August 14.
Trending Equity News:
It’s time to hear from the stocks that have been making the rounds in the market. So let’s begin!!
Oil and Natural Gas Corporation:
The state-owned oil and gas exploration company has reported a standalone profit of Rs 10,015 crore for the June FY24 quarter, falling 34.1% over the last year. Gross revenue for the quarter was Rs 33,814 crore, down 20.1% from the previous fiscal, with net realizations of crude oil (nominated) at $76.49 per barrel, down 29.5% from $108.55 per barrel, and net realizations of crude oil (joint venture) down 35.5% to $70.64 per barrel.
Reliance Industries:
According to Jio Financial Service, its 635,32,84,188 equity shares were deposited to Reliance Industries stockholders’ demo accounts on August 10. Until BSE, the designated stock exchange, grants approval for listing or trade, the aforementioned equity shares will remain frozen in the depository system. Jio Financial has applied to BSE and the National Stock Exchange of India for a listing of these equity shares.
Voltas:
The leading air-conditioning company has recorded consolidated profit at Rs 129.4 crore for the June FY24 quarter, rising 18.2% over the corresponding period previous fiscal, driven by higher other income and topline, but lower operating margin capped profitability.
Adani Ports:
The hottest news that’s affecting the market today would be the news emanating from Adani Ports. The board members of the Adani group company have accepted the resignation of Deloitte Haskins and Sells LLP, Chartered Accountant from the position of Statutory Auditors and have approved the appointment of MSKA and Associate Chartered Accountants as the statutory auditors of the company.
JK Cement:
For the quarter ended June FY24, the cement manufacturer’s consolidated profit fell by 29.5% year over year to Rs 114.66 crore, hurt by a weak operating margin caused by increasing input costs, finance costs, power and fuel costs, and freight and forwarding expenditures. During the quarter, operational revenue increased by 21.6% YoY to Rs 2,762.6 crore.
Jindal Steel and Power:
The company has registered a consolidated profit of Rs 1,691.8 crore for the quarter ended June FY24, falling 15% compared to the same period previous fiscal, dented by subdued topline and operating performance. Revenue from operations for the quarter came in at Rs 12,588.3 crore, declining 3.5% on-year.
Patanjali Foods:
The company has registered a profit of Rs 87.8 crore for the quarter that ended June FY24, falling sharply by 63.6% compared to the year-ago period impacted by subdued other income and operating numbers. Revenue grew by 7.7% YoY to Rs 7,767.1 crore in Q1FY24.
That’s all for today folks. We’ll be back with more news soon.
Until then, Happy Trading!!
Commodity Samachar
Learn and Trade with Ease