Stock Market India | Sideways Moves and Price Rejections. What lies ahead for Indian Indices?

Stock Market India | Sideways Moves and Price Rejections. What lies ahead for Indian Indices?

It’s the final day of the week in stock market India and the Indian Indices seems to be moving in a sideways trend.

However, will it defy gravity and the odds and go upward?

We’ll have to analyse the data and understand what’s next for the market. So without further adieu, let’s get started!!

Nifty goes sideways amid high volatility. What’s next for stock market India?
Nifty FUT – Buy Above – 19600 | Stop Loss – 19500 | Target – 19700 |

During the previous session, Nifty began with a gap-up and displayed high volatility throughout the day.

The price faced rejections both from the upside and downside resulting in the formation of a spinning top candlestick pattern.

Traders can expect sideways to upside moves.

Bank Nifty follows suit to Nifty. Where’s stock market India headed next?
Bank Nifty FUT – Buy Above – 44500 | Stop Loss – 44200 | Target – 44800 |

During the previous session, Bank Nifty started the day with a gap-up and showed high volatility.

The price was rejected from the upside, forming an inverted hammer candlestick pattern.

Traders can expect sideways to upside moves.

Stock Market India | Results of the Day:

Its result season for the stock market India, and a bunch of companies are bringing out their revenues for Q2. Let’s see the new releases.

Tata Motors Ltd.:

The automobile and ancillaries company Tata Motors Ltd. has reported wholesales in Q2FY24 were 96,817 units this is an uptick of 29% compared to the Q2FY23 results and also up by 4% compared to Q1FY24 sales.

The retail sales in Q2FY24 were 106,561 which is an uptick to 21% compared to Q2FY23 and up by 4% compared to Q1FY24.

Adani Wilmar Ltd:

The edible oil and consumer goods sector company Adani Wilmar reported that its food and FMCG business continue to grow rapidly, with segment revenue growth of around 25% YoY, with an underlying volume growth of 18%.

The edible oil segment volumes grew by around 5% Y/y in Q2’24 with the branded business volumes growing at a faster rate of 12% y/y as per the latest stock market India news

Kalyan Jeweller India Ltd:

The diamond and jewellery company Kalyan Jewellers Indian Ltd. has released its Q2 Fy4 results. It has reported a consolidated revenue growth of 27 y/y. The Indian business grew 32% y/y and added that 2 new ‘Kalyan’ showrooms across non-south markets are being opened and also a plan is in place to launch a further 26 showrooms in the next 40 days.

Stock Market India | Trending Equity News:

Several companies have made the headlines today for several reasons and the stock market India is reacting to it accordingly. So without further adieu, let’s begin!!

Arti Industries Ltd:

Aarti Industries has incorporated a new wholly-owned subsidiary Aarti chemical trading as FZCO in Dubai, United Arab Emirates.

Tata Consultancy Services Ltd:

Exciting news from Tata’s base has arrived. The Tata consultancy services won a deal from the labour department of the US state of Georgia to replace its 1980s-era legacy platform with a scalable cloud-based unemployment insurance system that streamlines the claims process.

Sun Pharmaceutical Industries Ltd:

The pharmaceutical and dugs company Sun Pharmaceutical Industries will acquire a 357.76% stake in Ezerx Health tech for INR 286.9 million. The acquisition is expected to be completed by October as stock market India news’s latest update.

Tata Steel Ltd:

Tata Steel arms Tinplate Co., of Indian Ltd, has received a notice from the deputy commissioner of commercial taxes, Jamshedpur, imposing a penalty of INR 398.68 million on the company.

That’s all for today folks!

We’ll be back with more stock market India news soon.

Until then, Happy Trading!!

Commodity Samachar
Learn and Trade with Ease

Also Read: Stock Market India | Amidst Weak Weekly Trends Is There Hope For Recovery?, Stock Market India | Is Dr. Lal Pathlab the Hot Stock to Consider? Analysts Advise ‘Go for It!’

Recommended Read: Breaking Down 5 Technical Analysis Myths: Let’s Get the Facts Straight!