Indian Indices soar upwards as lifetime high witnessed for the 6th consecutive day

It’s Wednesday and the market brings to traders another exciting and eventful day. As Both bank nifty and Nifty hit lifetime highs for the 6th consecutive day, let’s dig into what traders should anticipate in the market today.

6th Consecutive day with a bullish trend for Nifty!! Now that’s news to look forward to!!
Buy around – 19380 | Stop loss – 19280 | Target -19480|

In the last session of nifty, it witnessed a 6th consecutive day with a bullish bias, made a new lifetime high and also formed a bullish pin bar candlestick pattern. Our technical analysts expect sideways movement today, so traders should be vigilant while trading.

Bank Nifty follows Nifty’s path and witnesses a lifetime high. What’s next?
Sell around – 45600 | Stop loss – 45900 | Target – 45300|

In the last session of Bank nifty, the gap up seems to be under buying and selling pressure as it made its way to a new lifetime high. A doji candlestick pattern was formed and traders can witness sideways movement today as per our technical analysis reports.

Trending Equity News:

After 6 consecutive high-performing days, the Indian indices look pretty good. There’s a lot of important news for today, so let’s cover it one by one.

The private sector Bandhan Bank lender said its loans & advances in the quarter ended June FY24 grew by 6.7% YoY to Rs 1.03 lakh crore but fell by 5.5% QoQ. To reach Rs 1.08 lakh crore, total deposits increased by 0.4% QoQ and 16.6% YoY. Retail deposits climbed by 5.9% YoY to Rs 77,239 crore, while bulk deposits rose by 55.4% YoY to Rs 31,240 crore. Sunil Samdani left his position as the bank’s chief financial officer (CFO) in order to pursue career prospects elsewhere. His last working day as the CFO would be September 30, 2023.

For the quarter ending in June of FY24, AU Small Finance Bank reported a 27% year-over-year increase in total deposits, coming in at Rs 69,315 crore. In the same year, gross advances increased by 29% to Rs 63,635 crore, while CASA deposits increased by 14% to Rs 24,286 crore.

The real estate developer Macrotech developers have recorded pre-sales at Rs 3,350 crore for the quarter ended June FY24, growing 17% over a year-ago period, but falling 11% sequentially. Due to seasonal reasons (summer vacations and the monsoon), revenue in Q1 decreased 8% year over year and 18% quarter over quarter to Rs 2,400 crore.

The private sector lender RBL Bank reported that gross advances increased by 20% to Rs 74,792 crore and total deposits increased by 8% to Rs 85,638 crore in Q1FY24. For the quarter, wholesale advances increased 8% YoY while retail advances increased by 32% YoY.

Europe-based financial services group Societe Generale has bought 17.28 lakh equity shares in the auto components manufacturer Minda Corporation via open market transactions at an average price of Rs 281 per share. The stake buy amounted to Rs 48.57 crore.

That’s all the important info for today’s focus. We’ll be back with more important info soon.

So until then, Happy Trading!!

Commodity Samachar
Learn and Trade with Ease