Positive global cues, a healthy result season, and consistent FII buying have been providing support to the market. We expect the market to resume its upward journey after taking a pause last week
Stock-specific action can take place over the next few trading sessions. PB Fintech, Zomato, JSW Steel, PNB among stocks to watch on Monday
Bandhan Bank on Thursday reported a 57.51% YoY plunge in net profit at Rs 808.29 crore for the March quarter compared with a profit of Rs 1,902.34 crore in the corresponding quarter last year. Sequentially, provisions nearly halved. The profit degrowth figure came largely in line with analyst estimates of 50-60%
Punjab National Bank (PNB) reported a 450% rise in the consolidated net profit at Rs 1,159 crore in the March 2023 quarter, which was Rs 338.29 crore for the year ago period. The state-run lender had clocked a net profit of Rs 708.27 crore in the December 2023 quarter
Gautam Adani is shifting gears to mobilise finances for Adani Group's expansion in airports, ports and power businesses as things are starting to calm down after the publication of the damning Hindenburg report. The group has invited public and private bankers to come for a visit next month so they may view first-hand the progress of the group's assets in the port and power business in addition to the New Mumbai airport
Zomato on Friday reported trimming of losses in the March quarter. The company’s consolidated net loss narrowed to Rs 188 crore from Rs 360 crore a year ago. Consolidated revenue increased a whopping 70% YoY to Rs 2,056 crore. In FY23, Zomato’s loss narrowed to Rs 971 crore from Rs 1,209 crore a year ago. Revenue increased 69% to Rs 7,079 crore
JSW Steel reported a consolidated net profit for the quarter ended March at Rs 3,664 crore, up 13.29% from Rs 3,234 crore in the same quarter last year. Its revenue from operations for the quarter stood at Rs 46,962 crore, registering a growth of 0.14% from Rs 46,895 crore
Shares of PB Fintech or PolicyBazaar will be in focus on Monday as the new-age company will announce its Q4FY23 numbers on May 22, 2023
“Nifty formed a hammer pattern on the daily chart, indicating a potential trend reversal. It found support at the 21EMA, resulting in a smart recovery from the day's low. Positive divergence was observed on the hourly RSI, suggesting a possible shift in momentum. Resistance on the higher end, is seen at 18,300, while support is placed at 18,050,” said Rupak De, Senior Technical analyst at LKP Securities
“The Bank Nifty Bulls came back strong and managed to hold the support of 43,500. This indicates that the bulls are still in control and that the index is likely to continue its uptrend. The immediate resistance is at 44,000. If the index is able to break above this level, it could see a sharp move toward the 44,500 level. The momentum indicator RSI took support at the 60 levels. This bullish sign indicates that the momentum is still intact on the upside,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities
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