Indian Indices witnessed high selling pressure. What moves will the market be making today?

It’s Thursday and the previous session surprised us quite a lot. The market saw a high-selling session and so the question is what’s the next step for the market?

Well, let us answer that. Without further delays let’s begin!!

Nifty witnessed high selling pressure. Which direction will the market move in now?
Sell below – 19450 | Stop loss – 19570 | Target – 19330 |

Our technical analysts have been on the market scene since morning, and here’s the hottest data that we’ve found out. Nifty had opened the gap up and witnessed incredible selling pressure. It has formed a strong bearish candlestick pattern due to which our analysts believe there will more downside moves. So traders keep your eyes open!!

Bank Nifty incredibly opens the gap up and sees high selling pressure. What should traders expect?
Sell around – 44850 | Stop loss- 45200 | Target – 44450 |

Bank Nifty opened the gap up and saw selling pressure. It formed a strong bearish candlestick pattern and our traders can expect more downside movements going forward from here.

Trending Equity News:

Trending equity news

The Stock Market has been on fire giving traders a whirlwind of sessions to trade in. Well here’s a list of companies that have been making news as the market opens today.

Tata Consultancy Services:

TCS reported a 16.8 per cent increase in net profit on a year-on-year (YoY) basis in the quarter ended June 30, 2023, driven by strong growth in total contract value (TCV) deal wins despite a tough business environment. Consolidated revenue for the quarter was Rs 59,381 crore, an increase of 13% year over year. Revenue increased by 7% year over year in constant currency terms.

HCL technologies:

The company reported 7.6 per cent year-on-year (YoY) growth in net profit in the first quarter of fiscal 2024 ended on June 30, 2023. Sequentially, however, ramp-downs in deals and verticals including hi-tech and telecom caused net profit to decline by 11.2%. The net profit for the first quarter of FY24 was Rs 3,534 crore, falling short of the Rs 3,782 crore expert consensus.

Patanjali Foods:

In an exciting turn of events, Patanjali Ayurved Ltd is getting ready to announce its offer to sell 25,339,640 equity shares of Patanjali Foods Ltd, each with a face value of Rs 2, or 7% of the company’s total paid-up equity share capital. On July 13, 2023, non-retail investors may place a bid, and on July 14, 2023, retail investors. The promoter will also sell an additional 2% if there is an oversubscription. The Floor Price of the Offer shall be Rs 1000 compared to the prevailing price of Rs 1228.05.

Star Health and Allied Insurance Company:

At an average price of Rs 612 per share, private equity firm Apis Growth 15 Limited sold 52.84 lakh equity shares or 0.9% of the insurance company. The price per share for the stake sale was Rs 323.4.

That’s all for today’s focus. We’ll be back with more exciting stock market news soon.

So Until then, Happy Trading!!

Commodity Samachar
Learn and Trade with Ease