HDFC Bank, CRISIL, LTIMindtree, Bandhan Bank, others among stocks to watch on July 17, 2023
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“As we fully enter into quarterly earnings season, stock-specific action would pick up steam. Moreover, expectation of good quarterly results, consistent buying interest among FIIs and good progress on the monsoon front would keep the overall trend of the market positive,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Financial Services.
Share market outlook
“We need sustainability above 19,550 in Nifty for continuation of the upmove. The prevailing buoyancy in global markets combined with rotational buying across sectors is favoring the same,” said Ajit Mishra, SVP - Technical Research, Religare Broking Ltd, HDFC Bank, CRISIL, LTIMindtree, Bandhan Bank among stocks to watch on Monday.
Stocks to watch on July 17, 2023
The merged entity of HDFC Bank is set to report its April-June quarter (Q1FY24) result on Monda. This will be the lender's first quarterly result after its merger with HDFC Ltd, effective from July 1, and will keep analysts glued to the management's earnings growth guidance for the merged financial behemoth.
HDFC Bank shares
Shares of CRISIL will remain in focus on July 17 (Monday) as the company is scheduled to report its Q1FY24 earnings.
CRISIL shares
Shares of LTIMindtree will be in focus as the company will announce its Q1FY24 result. This will be the company’s first result after it replaced Housing Development Finance Corp (HDFC) in the benchmark Nifty50.
LTIMindtree shares
Bandhan Bank shares will be in focus as the lender on Friday reported a profit of Rs 721.05 crore during the first quarter of FY24, down 18.7% YoY. It posted NII during the quarter at Rs 2,490.8 crore as compared to Rs 2,514 crore during Q1FY23.
Bandhan Bank shares
Shares of Lloyds Steels Industries will turn ex-dividend on July 17, 2023. The firm declared a final dividend of Rs 0.1000 per share during the Q4 and annual earnings announcement.
Lloyds Steels Industries
Asian, Choice Internat, CRISIL, Hathway Cable, HDFC Bank, Huhtamaki India, Kore Foods, LTIMindtree, Moschip Tech, Nam Securities, Onward Tech, SEACOAST SS, Shish Industries, Tanfac Industries, Tarapur Trans, Tata Elxsi, Tiaan Consumer, Tinplate, UTL Industries will announce Q1FY24 results.
Q1FY24 results today
"The Nifty index's break above the consolidation range of 19,300-19,500 suggests increasing optimism in the market. The resistance at 19,500 has been surpassed on a closing basis. This breakthrough is expected to lead to a significant rally as the Call writers unwind their positions. The Nifty may potentially reach levels around 19700-19720, but it's important to consider the short-term support at 19,300," said Rupak De, Senior Technical analyst at LKP Securities.
Nifty Outlook
“Bank Nifty is facing significant resistance at 45,000, hindering its upward movement. As long as it remains below this level, a clear directional up move is unlikely. Support is established at 44,700 on the lower end. The bullish crossover on the momentum indicator RSI suggests positive momentum. Going forward, the index may continue to consolidate with the bands of 44,500-45,000; any decisive breakout on either side may create a directional trend," said Rupak De, Senior Technical analyst at LKP Securities.
Bank Nifty Outlook
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