It’s Tuesday, and the last session provided traders with an exciting trade. For the 5th consecutive day, a bullish trend was witnessed and the market soared beyond expectation.
So let’s get into the low down of all that’s relevant in the market.
Nifty soars for 5th consecutive day. What’s the next step for traders?
Buy Around – 19359 | Stop loss – 19250 |Target – 19450|
Traders were in for a treat as the last session of Nifty witnessed a 5th consecutive day with a bullish bias making a new lifetime high. It formed a bullish belt and held a candlestick pattern. We expect upside movements in the following days to come.
Bank Nifty is under buying pressure. How high will it go?
Recommendation| Buy around – 45100 | Stop loss – 44850 | Target – 45350
In the last session of Bank Nifty, the gap up seems to be under buying pressure. It made a new lifetime high as a result of this and formed a bearish pin bar candlestick pattern. Traders can expect an upside movement.
Trending Equity News:
Moving on to the fundamentals of the day, we’ve got a lot of equity news to report, so buckle your seat belts for an exciting ride.
The hypermarket’s chain D marts operator Avenue Supermarts has clocked in an 18.1% y/y growth in standalone revenue at INR 11,584.44 crore for the quarter that ended Fy24, up from a whopping INR 9806.9 crore in the same period last year. The total number of stores as of June 2023 stood at 327 and counting.
News incoming from Vedanta suggests that the cast metal aluminium production increased by 2% YoY and 1% QoQ to 579kt (kilo tonnes) due to efficiency in the operations. Highest-ever mined metal production in Q1FY24 at 257kt rose by 2% YoY due to higher ore production, primarily at Rampura Agucha and Kayad mines, supported by improved mined metal grades and better mill recovery. Overall power sales grew by 19% to 4,266 million units in the quarter ended June FY24.
The hypermarket chain operator V Mart retail has recorded a 16% year-on-year growth in revenue from operations at Rs 678 crore for the quarter ended June FY24 including income from LimeRoad. The commission fees collected from sellers on the net merchandising value of Rs 44 crore are represented by the income of Rs 17 crore from the LimeRoad digital marketplace. The company opened 9 new stores and closed one store in Q1FY24, taking the total stores count to 431.
That’s all the info we have today. We’ll be back with more soon.
Until then, Happy Trading!!
Commodity Samachar
Learn and Trade With Ease