It’s Tuesday and it seems that the Indian Indices have not yet recovered from the Monday blues.
As the narrow trade range for the stock market India continues, it’s anyone’s guess where the market is going to head to.
However, the question of all trader’s minds is if there is any hope for recovery in the upcoming sessions and ensuing upward movements in the long run.
Well, our analysts have a few things to say about that.
Nifty faces high volatility and still traders in a narrow range. Will there be recovery?
Nifty FUT – Buy Around – 19750 | Stop Loss – 19650 | Target – 19850 |
A few interesting observations were made by our analysts on the research front. During the previous session, nifty had started with a gap down, reached its low for the day, and then recovered. It had tested high, ultimately closing at a similar level.
The entire day showed high volatility within a very narrow trading range and this has led to the formation of a doji candlestick pattern. Traders can expect sideways to upward movements in the upcoming sessions.
Bank nifty faces something similar to Nifty. Where’s the market headed next?
Bank Nifty Fut – Buy Above – 44400 | Stop Loss – 44100 | Target – 44700 |
During the previous session, Bank Nifty had started the day with a gap down and reached its lowest point. It had them make a recovery and tested the high before closing at a similar level.
Throughout the day, there was high volatility within a very narrow trading range. This has potentially led to the formation of a long-legged doji candlestick pattern. We could expect sideways to upward moves in the upcoming sessions.
Results of the day:
Several companies have reported their quarterly results and it’s our responsibility to intimate to you about the same. So let’s begin!!
HDFC Bank:
For the quarter ending in September of FY24, the largest private sector in India reported a standalone profit of INR 15,976 crore, an increase of 50.6% year over year. Interest income increased by 30.3% to Rs 27,385 crore, with a core net interest margin of 3.65% and a reported net interest margin of 3.4% for the quarter. Due to the merger, numbers are no longer comparable annually or quarterly. Gross advances and total deposits both increased slightly year over year to reach Rs 23.54 lakh crore and Rs 21.72 lakh crore, respectively. During the same time, pre-provision operating profit climbed by 30.5% to Rs 22,694 crore.
ICICI Securities:
The bank has reported healthy numbers for the quarter ending September FY24 with profit growing 41 per cent on year to INR 423.5 crore and revenue increasing 45.5 per cent to INR 1249 crore compared to the year-ago period.
Jio Financial Services:
The financial services company has registered healthy growth for the quarter that ended September FY24, with profit rising 101.3 per cent quarter-on-quarter to Rs 668.18 crore and revenue from operations growing 46.8 per cent QoQ to Rs 608.04 crore. As of October 16, the board has selected AR Ganesh as the organization’s group chief technology officer.
CEAT:
The tyre company recorded a consolidated profit of Rs 208 crore for the quarter ended September FY24, increasing significantly compared to Rs 7.8 crore in the same period last year, supported by healthy operating numbers and a fall in input costs. In Q2 FY23, profit was also impacted by an exceptional loss of Rs 23.7 crore. Revenue from operations grew by 5.5 per cent YoY to Rs 3,053.3 crore for the quarter.
Trending Equity News:
It’s time for the news of the day and what it holds for the stock market.
Laurus Labs Ltd:
The company has completed the acquisition of 29,308 shares of its subsidiary Laurus Bio Pvt Ltd from Subramani Ramachandrappa, promoter and non-executive director and employees/ex-employees shareholders of Laurus Bio.
Just Dial Ltd:
The Karnataka Industrial Areas Development Board ( KIADB) has cancelled the allotment of land situated in the Bengaluru Urban District alleging the breach of conditions imposed under the lease deed. The financial impact of the aforesaid actions is estimated to be up to INR 19 crore.
Piramal Pharma Ltd:
The pharmaceutical company has formally announced the launch of a world-class high throughout the screening facility that augments the existing in-vitro biology capabilities at its drug discovery services site in Ahmedabad, India.
Lemon Tree Hotels Ltd:
The hotel chain has signed a license agreement for a 55-room property in Dehradun, Uttarakhand under the Company’s brand “Keys Prime by Lemon Tree Hotels”. The hotel is expected to be operational by FY 2027.
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