"We expect global uncertainty to keep the market range bound. However, action could continue in Banking and Financial Services ahead of the RBI policy meeting minutes release and bank loan growth data," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Both Nifty and Bank Nifty, have reached their immediate hurdle of short-term moving average i.e. 20 EMA together. RailTel, Hindustan Aeronautics (HAL), Monte Carlo, Reliance Industries (RIL) among stocks to watch on Thursday.
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RailTel shares will trade ex-dividend on Thursday (August 24, 2023). The company had announced an interim dividend of Rs 1.05 per equity share.
Hindustan Aeronautics (HAL) shares will trade ex-dividend on Thursday. The company had announced an interim dividend of Rs 15 per equity share.
Monte Carlo shares will trade ex-dividend on Thursday (August 24, 2023). The company had announced an interim dividend of Rs 20 per equity share.
The Qatar Investment Authority (QIA) will pick up nearly one percent stake in Reliance Retail Ventures Ltd (RRVL) in lieu of an investment of Rs 8,278 crore.
Larsen & Toubro (L&T) on Wednesday said that its Power Transmission & Distribution Business has secured large orders in the range of Rs 2,500 crore- Rs 5,000 crore in the Middle East.
State-owned Gail India plans a capital expenditure of Rs 30,000 crore, mainly in pipelines, petrochemical projects and city gas distribution, over the next three years. The company's total capital expenditure for FY23 was Rs 10,000 crore.
"Nifty is currently placed at the crucial resistance of down sloping trend line around 19,450-19,500 levels and is struggling to break decisively above the hurdle. At the same time, the market is not willing to show any reasonable weakness from near the resistance. This market action suggests chances of one more attempt of upside breakout around 19,500 levels in the short term and any failure to sustain the anticipated upside breakout could open selling pressure from the highs. Immediate support is placed at 19,360 levels," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
“Bank Nifty has witnessed a sharp pullback. On account of the rise, it is now very close to the 44,600–44,700 where resistance in the form of the 20 and 40-day moving averages are placed, which are likely to restrict a further sharp up-move. Bank Nifty is in a pullback mode which is also supported by the positive crossover on the daily momentum indicator," said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.
Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Business Today. Investors should consult their financial advisors before taking any position.