It’s Thursday and the market has witnessed a sustained narrow-range trend for the past few days.
It has left traders baffled and looking for cues as to what the next step is.
As Bank Nifty and Nifty struggle to break the threshold, the question on everyone’s mind is what’s next for the market?
Well without further adieu, let’s hear what our analysts have to say!!
Nifty witnessed strong selling pressure. Where’s the market headed next?
Nifty FUT – Buy Around – 19650 | Stop Loss – 19550 | Target – 19750 |
Our analysts have been on the scene since early morning and they have an analysis prepared just for you. During the previous session, nifty opened the flat and tested the level of 19840.95, but faced rejection from the upside.
Following this it experienced strong selling pressure, forming a strong bearish candle.
Traders can expect sideways to upward movements incoming!!
Bank Nifty ‘follows suit’ to Nifty. What’s next for the market?
Bank Nifty Fut – Buy Above – 44100 | Stop Loss – 43800 | Target – 44400 |
During the previous session, bank nifty had opened the flat and tested the level of 44412.50, but had faced rejection from the uspide.
It had then gone on to experience strong selling pressure, thereby forming a strong bearish candle.
Traders can expect sideways to upward movements in the upcoming sessions.
Results of the Day:
Wipro:
The technology services and consulting company has recorded revenue from operations at INR 22,395.8 crore for the quarter ending September FY24, falling 1.6 per cent sequentially, with the dollar revenue falling 2.3 per cent Q/q to $2713.3 million and revenue in constant currency declining 2 per cent during the same period.
Bajaj Auto:
The Pune-based automobile company has reported a standalone profit at INR 1,836.1 crore for the quarter ending September FY24, growing 20 per cent over a year ago period with better numbers. Standalone revenue from operations increased by 5.6 per cent year-on-year to Rs 10,777.3 crore, supported by double-digit volume growth, with the sustained buoyancy on the domestic front cushioning the weak, albeit improving export performance.
Indusland Bank:
The private sector lender has recorded a standalone profit at Rs 2,181.5 crore for the quarter ended September FY24, growing 22.09 per cent YoY, with a fall in provisions and stable asset quality. Net interest income grew by 18 per cent YoY to Rs 5,076.7 crore during the same period, while net interest margin remained flat at 4.29 per cent QoQ but grew 5 bps YoY.
Persistent Systems:
The Pune-based technology services company has reported a profit of Rs 263.3 crore for the quarter ended September FY24, growing 15.1 per cent sequentially, with revenue rising 3.9 per cent to Rs 2,411.7 crore for the quarter.
Tending Equity News:
It’s that time of the hour when we bring you all the latest news resonating from the stock market Indina and bring it to you fresh. So without further adieu, let’s begin!!
Apollo Hospitals Enterprise Ltd. & Steel Authority of Indian Ltd.:
Apollo Hospitals Enterprise has opened a 290-bed, multi-speciality hospital in partnership with the Steel Authority of India, in Rourkela Odisha.
Power Grid Corporation of India Ltd.:
The Power Grid Corporation of India has approved an INR 207.73 billion project by the government to build a green energy transmission line from Ladakh to the National Grid in Haryana.
Infosys ltd:
Infosys has now announced that it is expanding its alliance with Google Cloud to help enterprises build AI-powered experiences leveraging Inofsys Topaz offerings and Google Cloud’s generative AI solutions.
That’s all for today folks!!
We’ll be back with more news soon.
Until then, Happy Trading!!
Commodity Samachar
Learn and Trade with Ease