It’s the final day of the week wherein traders can capitalize on their trades and it seems that Indian indices are exhibiting high selling pressure for the second day in a row.
So the question is can we expect a reversal or will this trend continue towards the next week as well?
Without further delays let’s begin!!
Nifty witnesses high selling pressure today as well. Will the market continue this trend?
Sell around – 19550 | Stop-loss – 19650 | Target – 19450|
It’s the final day to trade and the market seems to be in selling pressure. Our technical analysts have been on the scene from the break of dawn and this is what they have uncovered.
Nifty opened the gap up and seemed to be under high selling pressure. It has formed a bearish hammer kind of candlestick pattern. More downside movements are expected in the following sessions to come.
Bank Nifty hitches a wagon in Nifty’s path and witnesses high selling pressure. What’s next?
Sell around – 44900 | Stop-loss – 45200 | Target – 44600 |
Bank Nifty follow suit to Nifty and opened the gap up. It has been seeing high selling pressure as well. It’s formed a strong bearish candlestick pattern and traders can expect more downside moves.
Trending Equity News:
It’s the last day of the trading session for the week and several companies have been making the rounds in the market. Let’s see what these companies have to say.
Wipro:
Wipro is one of the influential companies in India and the software provider’s services have recorded a 6.6% sequential decline in the consolidated profit at INR 2870 crore for the quarter ended June FY24. The IT services revenue fell by 1.8% QoQ to INR 22,755 crore, down 1.6% QoQ and in constant currency the IT services topline was down 2.8% QoQ.
Angel One:
The retail stock broking house has recorded a 21.6% y/y growth in consolidated profit at INR 220.8 crore for the quarter ended June FY24, backed by healthy operating and topline performance. Revenue for the quarter at Rs 807.5 crore grew by 18.4% over the same period last year, while EBITDA jumped 20.2% to Rs 320.3 crore and margin expanded by 60 bps to 39.66% in Q1FY24. The company has declared a first interim dividend of Rs 9.25 per share for FY24.
Century Textiles and Industries:
In open market transactions, Vanderbilt University, a private research university situated in the US, sold 6.5 lakh equity shares, or 0.58% of the Aditya Birla Group firm, for an average price of Rs 903.01 per share. The stake sale brought in 58.69 crore rupees.
Tata Metaliks:
The pig iron and di pipes maker has clocked a massive 273% year-on-year growth in profit at Rs 4.55 crore for the quarter ending June FY24 despite lower revenue, driven largely by a fall in input cost. Revenue from operations declined 2.4% YoY to Rs 650.5 crore, while EBITDA jumped 45.6% year-on-year to Rs 35.15 crore with a margin expansion of 178 bps at 5.4% for the June FY24 quarter.
That’s all for today folks. We’ll be back with more trending news soon.
Until then, Happy Trading!!
Commodity Samachar
Learn and Trade with Ease