Indian Indices were taken over by strong selling pressure. What’s in store for traders today?

The Indian Indices this week have been witnessing trajectories that gave traders a run for their money. It’s the final day of this week’s trading session, and it seems that it’ll experience strong selling pressure. 

So the question remains, 

What are traders in store for?

Without further delays let’s dive in and discuss.

Nifty witnessed strong selling pressure. What’s next for the market?

Buy Above – 19650 | Stop Loss – 19450 | Target – 19850 |

Our analysts have been on the scene and the last session of Nifty opened the gap down and witnessed strong selling pressure. 

It has formed a spinning bottom candlestick and trades can expect sideways to upward movements. 

Bank Nifty follows suit and witnesses strong selling pressure as well. What should traders expect?

Buy Above – 45200 | Stop Loss – 44900 | Target – 45500 |

The last session of Bank nifty opened the gap down and witnessed strong selling pressure. It had formed a spinning bottom kind of candlestick pattern.

Traders can expect sideways to upward movements. 

Trending Equity News:

There are a lot of companies making movements in the market today, and a lot of results are on the way as well today. So without further adieu, let’s begin!!

Today’s Results:

It’s the final day of the trading session and almost 63 listed companies are going to be declaring their Q1 results today. Companies like Bharti Airtel, Adani Enterprises, Sun Pharmaceutical, Varun Beverages, Adani Power, Eicher Motors, Zomato, Cummins Inia, Lupin, MRF, Deepak Nitrite, LIC Housing Finance, Radico Khaitan, Piramal Pharma, Cera Sanitaryware, Minda Corporation, Karnataka Bank, etc. 

Bharti Airtel:

The telecom operator has registered a profit of Rs 1,612.5 crore for the quarter ended June FY24, falling 46.4% over the previous quarter impacted by a foreign exchange loss of Rs 3,416 crore. EBITDA for the quarter increased by 5% to Rs 19,746.1 crore with a margin expansion of 50 bps to 52.7% compared to the March FY23 quarter. Revenue from operations climbed by 4% sequentially to Rs 37,440 crore, with average revenue per user up 3.6% QoQ to Rs 200.

Eicher Motors:

In the first quarter of FY24, the automaker reported its highest-ever quarterly revenue, EBITDA, and profit. For the quarter that ended in June of FY24, profit increased 50.4% year over year to Rs 918.3 crore, while revenue increased 17.3% to Rs 3,986.4 crore. 

Cummins India:

The diesel and natural gas engines manufacturer has recorded a standalone profit at Rs 315.7 crore for the quarter ended June FY24, climbing 58.8% over the corresponding period last fiscal led by healthy topline and operating numbers. During the same quarter, operating revenue increased by 31% YoY to Rs 2,208.7 crore.

That’s all for today folks. We’ll meet again soon. 

Until then, Happy Trading!!

Commodity Samachar
Learn and Trade with Ease