Indian equities are facing a struggle at higher levels. FIIs too have been sellers for the past 3 days, thus capping the upside. With the RBI policy outcome now nearing, markets are expected to remain cautious in the near term with the action shifting to interest-sensitive sectors, according to market analysts
For domestic markets, an important influencer will be the commentary on growth and inflation forecasts by the RBI MPC meeting given the general consensus that rate pause will continue. Tata Power, Titan, Zomato, Uniparts India among stocks to watch on Wednesday
CaratLane’s takeover talks by the Tata Group company Titan have hit a roadblock. The founders of CaratLane, and the Tata Group have differences over the valuation of the residual stake held by the founders, leading to a months-long deadlock, according to media reports
Zomato share price is nearing its IPO price of Rs 76 per share. The stock is gaining on strong volumes, and the selling pressure from a leading private equity investor is largely over. If the stock manages to cross the IPO price, it will be the first time since April 2022 that the stock would have managed to do so
Tata Power shares will turn ex-dividend for a dividend of 200% on Wednesday, June 7, 2023. The Board of Directors of Tata Power recommended a dividend of Rs 2 per equity share of Re 1 each, translating to a 200% dividend for the financial year 2022-23 while releasing its earnings for the March ended quarter
Uniparts India shares will turn ex-dividend on Wednesday, June 7, 2023. The company had announced an interim dividend of Rs 6 per share
“On the daily chart, Nifty formed a doji candle, indicating indecision in the market. As a result, the overall trend is expected to remain sideways, with the index not showing a clear direction in its movement. In terms of levels, there is a support level at 18,500, which suggests a potential floor for the index, while a resistance level is identified at 18,665, indicating a barrier to further upward movement,” said Rupak De, Senior Technical at LKP Securities
"Bank Nifty has held on to the support of the 20-day moving average (43,800) and the 61.82% Fibonacci retracement level of the previous rise(43,390 – 44,448) is witnessing buying interest. The daily momentum indicator has a negative crossover which can lead to a consolidation in the short term however the overall trend still continues to remain positive. On the upside, we expect it to target levels of 44,500," said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas
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