Gradual up-move expected in the domestic benchmark indices Nifty and Sensex, led by support-based buying. A close above 18400-18450 zones could trigger the next leg of rally in markets, according to market analysts
With the bulls making a comeback, the short-term trend of Nifty remains up, as per share market analysts. Reliance Industries, BHEL, Page Industries, Grasim, SpiceJet among stocks to watch on Friday
Page Industries on Thursday posted Q4FY23 profit at Rs 78.35 crore, down 58.9% as against Rs 190.52 crore in the corresponding quarter of last year. The company clocked revenue from operations at Rs 969.09 crore, down 12.8% in comparison to Rs 1,111.11 crore in the fourth quarter of FY22. The Board also recommended its fourth interim dividend of Rs 60 per equity share
Shares of BHEL, Easy Trip Planners (Ease My Trip), Grasim will be in focus on Friday as the companies will report their Q4FY23 results
Reliance Consumer Products (RCPL), the FMCG arm of Reliance Retail Ventures (RRVL), has completed the acquisition of a 51% controlling stake for an aggregate consideration of Rs 74 crore in Lotus Chocolate Company Ltd. RCPL also subscribed to non-cumulative redeemable preference shares of Lotus for an aggregate consideration of Rs 25 crore
The National Company Law Tribunal (NCLT) on May 25 deferred the insolvency plea by aircraft lessor Aircastle against SpiceJet to June 1. The tribunal had on May 17 asked the Gurugram-based airline to file a response to the lessor’s insolvency plea and explore options for settlement
“Nifty RSI is in bullish crossover on the lower timeframe, which suggests that the momentum is in favour of the bulls. On the higher end, resistance is seen at 18,500. Support is seen at 18,200. Overall, the outlook for the market is positive, but there is still some volatility to be expected. Traders should take profits on rallies and look for opportunities to buy on dips,” said Rupak De, Senior Technical at LKP Securities
“Bank Nifty managed to hold the support of 43,400. This is a positive sign for the bulls, as it shows that there is still demand for the index at this level. The resistance is at 44,000, where the highest open interest is built up on the call side. This means that there is a lot of potential for the index to move higher if it can break through this resistance level,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities
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