Stock Market India | Are High Selling Pressures Signalling Downtrends Ahead?

Stock Market India | Are High Selling Pressures Signalling Downtrends Ahead?

The previous session of stock market India was filled with ups and downs as it faced strong selling pressure throughout the day. 

This drain of its power has led nifty and bank nifty to change momentum and it might be headed towards a downside direction. 

The question is, will there be recovery on the horizon?

Let’s dive in and get a scoop of all the technicals

Nifty witnesses high selling pressure followed by uncertainty. What’s next for Stock market India?

Nifty FUT – Sell Below – 19540 | Stop Loss – 19640 | target – 19440 |

During the previous session, nifty opened with a gap down and faced strong selling pressure throughout the day. 

The momentum indicators also signal weakness and the price closed below the 50 DMA. 

This has resulted in the formation of a ‘ belt and hold’ candlestick pattern. 

Traders can anticipate downside moves. 

Bank Nifty experienced high selling pressure and rebounds from the downside. Where’s stock market India headed to next?

Bank Nifty FUT – Sell Below – 44500 | Stop Loss – 44800 | Target – 44200 |

During the previous session, Bank Nifty started the day off with a gap down, experiencing significant selling pressure. 

The momentum indicators also suggest weakness, as well as price rebounds from the downside. 

This has led to the formation of a ‘belt and hold’ type of price pattern. 

Traders can anticipate downside moves. 

Stock Market India | Results of the Day:

As the Q2 updates from companies roll in, we’re here to get you all the live news in the market. So let’s get started. 

Bajaj Finance:

Bajaj Finance has reported a 26% y/y jump in new loans during the July- September quarter to 8.53 MM from the previously reported 6.67 MM. In addition, the assets under management grew by nearly 33% to INR 2,90,200 crore as of 30 September 2023 as compared to INR 218, 366 crore. 

Yes Bank:

The private sector lender YES Bank Ltd released the provisional numbers of the last quarter, loans and advances as of September 30 stood at INR 2.11 lakh crore up nearly 10% on year and 5.2% sequentially. The gross retail disbursements for the quarter were Rs 11,187 crore, compared to Rs 12,094 crore a year ago, and Rs 11,305 crore a quarter ago.

For the June quarter, the lender reported a 10% YoY growth in net profit to Rs 342 crore, primarily due to a rise in other income, which surged 54%.

Avenue Supermarts:

The retail chain conglomerate Avenue Supermart reported an 8% increase in its standalone revenues at INR 12,308 crore for the Q2 ended September. 

The company’s revenue stood at Rs 10,384 crore in the same period last year. On a sequential basis, revenues rose 6% from Rs 11,584 crore clocked in the preceding June quarter.

APL Apollo Tubes Ltd: 

The company has registered a sales volume of 674,761 ton in Q2FY24 compared to 602,283 Ton in Q2Fy23.

Stock Market India | Trending Equity News:

The market is booming with a cluster of news and it’s time to uncover all of them, right here!!

So without further adieu, let’s begin!!

REC Ltd. & SJVN Ltd.:

The Competition Commission of India has approved the proposed acquisition of power generation company Lanco Amarkantak Power Ltd by state-owned power companies PFC Projects Ltd, REC Ltd, SJVN Ltd, and Damodar Valley Corp.

Pidilite Industries Ltd.:

The Chemicals company M/s Pidilite MEA Chemicals LLC (‘Pidilite MEA’), a wholly-owned subsidiary of the Company and M/s/ Corporacion Empresarial Grupo Puma SL, Spain (‘ Grupo Puma, Spain’) have incorporated a joint venture company in the UAE in the name of ” Pidilite Puma MEA Chemicals L.L.C.” to carry on the business of manufacture of construction chemicals.

Lemon Tree Hotels:

The company’s step down/material subsidiary “Iora Hotels Pvt. Ltd” has received an “Occupancy Certificate” from MMRDA for its hotel located near Mumbai International Airport, Mumbai. This hotel shall comprise 669 rooms which shall be named “Aurika, Mumbai Skycity” and once operational shall increase the total number of owned/leased rooms of the Company by 13%.

That’s all for today folks!!

We’ll be back soon with more news. 

Until then, Happy Trading!!

Commodity Samachar
Learn and Trade with Ease