The overall market structure remains positive with Nifty gradually moving towards its previous lifetime high. Next week the market will focus on central banks’ rate decisions globally where the market is expecting the status quo. Also, investors would keep an eye on US and Indian inflation data, according to analysts.
The domestic market witnessed extended selling pressure as investors eagerly awaited the domestic inflation data due on Monday. Cyient, SBI, Aether Industries, Vedanta among stocks to watch on Friday.
Shares of Cyient will turn ex-dividend on Monday, June 12, 2023. The company had announced a final dividend of Rs 15.
State Bank of India (SBI) said on Friday that its Board of Directors approved fundraise of up to Rs 50,000 crore through issue of debt instruments on a private placement basis during FY24.
Specialty and fine chemical manufacturer Aether Industries on Friday said it has signed a licence agreement with Saudi Aramco Technologies Company for commercialisation of the sustainable converge polyols technology.
Shares of Reliance Industrial Infrastructure Limited (RIIL) will trade ex-dividend on Monday, June 12, 2023. The company had announced a dividend of Rs 3.5 per equity share.
London-headquartered Vedanta Resources’ (VRL) gross debt has fallen 20.40% to $7.8 billion from $9.8 billion in the 12 months to March 2023. It has fallen further to $6.4 billion as of May due to continued deleveraging and “significant” improvement in balance sheet position.
Shares of Tata Investment Corporation will trade ex-dividend on Monday, June 12, 2023. The company had announced a final dividend of Rs 48.
Shares of ICICI Lombard General Insurance Company, Indian Bank will trade ex-dividend on Monday, June 12, 2023. The companies has announced a dividend of Rs 5.5 and Rs 8.6 respectively. Meanwhile, Ion Exchange will trade ex-split.
“The undertone of the Nifty has turned sideways from bullish, where 18,500 in spot remains the support where maximum open interest has been seen in put data and 18,700 is the new resistance for the Nifty where maximum call writing is been seen. A break on either side of the levels can lead to further trending moves in the index, till then nifty will remain in consolidation phase,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
“The resistance zone between 44,300 and 44,500 has proven to be strong, preventing Bank Nifty from making significant upward moves. On the downside, there is a support level at 43,700, which has the potential to act as a buying opportunity. If the index manages to hold above this support level, it could attract buyers who see it as a favorable entry point,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
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