Indian indices witness strong selling pressure and ranged market. Will it be a challenging trading session?

It’s not a surprise that after the tremendous trading session in the previous week, the market feels like it should go another way and provide traders with a new kind of thrill.

Nifty and Bank nifty would surely serve for an exciting trading session today, so what exactly should traders expect?

Without further delays, let’s dive in and cruise through the market.

Nifty witnessed strong selling pressure!! What’s next for the market?
Sell around – 19730 | Stop loss – 19830 | Target – 19630 |

Equity news

Our analysts are on the scene and as per their views, the last session of Nifty opened the gap down and it seemed to be in strong selling pressure.

The price has been rejected from the downside and it has formed a hammer candlestick pattern. Traders can expect a ranged market.

Bank nifty follows suit and witnessed selling pressure. What should traders be ready for?
Sell around – 45650 | Stop loss – 46000 | Target – 45300 |

Trading in the ranged market is not an easy task and every trader knows that. As per the latest analysis, the last session of Bank Nifty opened the gap down and seemed to be in a strong selling pressure and then the price was rejected from the downside. it has formed a hammer candlestick pattern and traders can expect a ranged market.

Trending Equity News:

Nifty selling pressure

We’re going uphill and basking in a view of all the companies making the news before the bell. So let’s dive into it and begin!!

UCO Bank:

Despite increased provisions, the bank reported a profit of Rs 223 crore for the three months ended June FY24, an increase of 80.8% over the equivalent period last year led by a spike in operating profit. Advances increased by 25% and deposits increased by 10.8% YoY as net interest income increased by 21.8% on-year to Rs 2,009 crore.

DCB Bank:

The private sector lender has reported a profit for Q1FY24 at Rs 127 crore, growing 31% over the corresponding period last fiscal as operating profit grew by 26% YoY to Rs 209 crore. Advances and deposits both grew by 19% and 23% year over year, respectively, driving the net interest income up by 26% to Rs 471 crore. Asset quality, however, deteriorated during the quarter as gross non-performing assets climbed by 7 bps QoQ to 3.26% and net non-performing assets by 15 bps to 1.19%.

NLC India:

For the first quarter ending in June of FY24, the state-owned coal mining business reported a 28% year-over-year fall in consolidated profit at Rs 404.7 crore, hurt by subpar topline and operating performance. Compared to the same time in the previous year, revenue during the period fell 14.1% to Rs 3,316 crore.

Piramal Enterprises:

The diversified non-banking finance company has recorded a consolidated profit of Rs 509 crore for the quarter ended June FY24, led by a gain of Rs 855 crore on the sale of a stake in Shriram Finance. Profit in the first quarter of FY23 was Rs 8,155 crore, helped by a one-of-a-kind gain of Rs 7,614 crore from pharma demerger transactions.

That’s all for today folks. We’ll be back soon.

Until then, Happy Trading!!

Commodity Samachar
Learn and Trade with Ease