Nifty is now consolidating around 18,000-18,200 zones. While the overall market structure remains positive, analysts expect Nifty to consolidate in the near term on the back of subdued global cues and profit booking in index heavyweights
This week, the market would also take cues from inflation, state election outcome and ongoing earning season. Mankind Pharma, HDFC Bank, Adani Power, HDFC among stocks to watch on Monday
One97 Communications, parent company of fintech platform Paytm, reported 51% jump in revenue from operations at Rs 2,334 crore in Q4FY23 on an annual basis. The overall revenue in FY23 increased 61% to Rs 7,990 crore. The company significantly brought down its net loss to Rs 168 crore from Rs 761 crore a year ago.
Shares of HDFC Bank and HDFC will remain in focus on Monday. Both counters fell more than 5% in the previous session amid reports that MSCI intends to add HDFC Bank to the largecap segment of MSCI Global Standard Indexes, with an adjustment factor of 0.5 versus market expectations of 1, and the addition may result in outflows of $150 to $200 million
Mankind Pharma, the domestic-focused fourth-largest pharmaceutical company in the Indian pharma market, will make its debut on the BSE and NSE today, as per the schedule. Mankind Pharma shares will remain in focus post-listing
Shares of Aarti Industries will be in focus as the company will report its Q4FY23 number on May 8, 2023. Its PAT is likely to fall 35% YoY, while margins may see a 2.3% drop, according to analysts. In the previous session on Friday, the stock fell 1.1% to Rs 546 on NSE
Britannia Industries posted 47.06% YoY growth in consolidated net profit at Rs 558.66 crore for the quarter ended March 2023. Total revenue from operations came in at 4,023.18 crore, registering a growth of 13.31% from Rs 3,550.45 crore in the same quarter last year.
Marico on Friday reported a 19% increase in net profit for the quarter ended March 2023. Its net profit climbed 18.67% to Rs 305 crore in Q4FY23 compared to Rs 257 crore profit reported in Q4FY22. In the December quarter, profit stood at Rs 333 crore, implying a fall of 8.40% on a QoQ basis
“The short-term trend for Nifty will remain positive as long as the index remains above 18,000. A fall below 18,000 may take the Nifty into the consolidation zone of 17,500–18,000. On the other hand, a rejection from the 18,000 level may reintroduce a buying spree, which may take the Nifty back to above 18,200; again, a decisive move above 18,200 may take it towards 18,500–19,000,” said Rupak De, Senior Technical Analyst at LKP Securities
“Bank Nifty index, if sustained below 43,000, will witness further correction towards the 42,500-42,300 zone where the next demand area is visible. The upside resistance of 43,000 if taken out decisively will lead to further short covering toward 43,300 levels,” said Kunal Shah, Senior Technical & Derivatives Analyst at LKP Securities
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