Nifty is gradually inching higher toward its lifetime high, supported by smart gains index heavyweights. Auto and financials are likely to be in focus ahead of the RBI policy meeting this week and are expected to remain in momentum, according to market analysts.
“Traders should continue with a stock-specific trading approach and utilise any intermediate dips or pause to accumulate quality stocks,” said Ajit Mishra, SVP - Technical Research, Religare Broking. Wipro, Paytm, SBI Cards, Tata Power among stocks to watch on Tuesday.
Tata Power Renewable Energy Limited (TPREL) has commissioned a 110 megawatt (MW) solar energy project at Bikaner in Rajasthan. “The project will supply 110 MW green power to the Kerala State Electricity Board (KSEB),” Tata Power said in a statement.
Suzlon Group has announced that it has achieved the milestone of 20GW installed wind turbine capacity worldwide. "Suzlon Group has crossed the 20GW wind energy installations milestone through 12,467 wind turbines installed across 17 countries, spanning six continents, solidifying Suzlon's position as a significant player in the global wind energy landscape," it said.
Wipro Limited has announced that its dynamic digital signage solution, Wipro VisionEDGE, will power Bowling Center TV (BCTV), a new digital out-of-home television network distributed across bowling centers in the United States.
Paytm reported 118% growth in payment devices subscribed by its merchants as of May in FY24. In an exchange filing, the company said the number of merchants paying subscription for its payment devices like soundbox and point-of-sale (PoS) machines increased to 75 lakh during April and May this fiscal from 34 lakh during April and May in FY23.
SBI Cards and Payment Services Ltd, on Monday, approved the raising of funds through the issue of non-convertible debentures (NCDs) up to Rs 3,000 crore in one or more tranches, on private placement basis.
“The short-term trend of Nifty continues to be positive with range-bound action. The present consolidation movement is expected to continue within a high-low range of 18,700-18,500 levels in the next 1-2 sessions. A decisive move above 18,700-18,800 is expected to bring more upside for the near term,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
“Bank Nifty index is expected to continue to trade within the range of 43,700-44,300. This suggests that the index is likely to move sideways, lacking a clear trend. However, it's important to note that a break on either side of this range can lead to a directional move, potentially indicating a shift in the market sentiment and momentum,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
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