Markets are gradually inching higher along with a lot of action in the mid and small-cap space. Analysts expect the northbound journey to continue in the index on back better than expected macro data and supportive global cues. Rural and agri-related stocks are likely to be in focus with the arrival of monsoon in India, which is expected to be normal this year
Domestic markets may see choppiness due to the outcome of the MPC’s policy meet and scheduled weekly expiry on Thursday. Bikaji Foods, Tata Elxsi, NHPC, Indus Towers among stocks to watch on Thursday
Shares of Bikaji Foods will turn ex-dividend on Thursday, June 8, 2023. The company had announced a final dividend of Rs 0.75 per share
State-owned power producer NHPC Ltd has signed an agreement with the Maharashtra government to build pumped storage hydro projects totalling 7,350 MW capacity with an investment of Rs 44,000 crore. The MoU envisages development of four pumped storage projects aggregating to a total capacity of 7,350 MW, namely Kalu – 1,150 MW, Savitri – 2,250 MW, Jalond – 2,400 MW and Kengadi -1,550 MW
Tata Elxsi has partnered with the prestigious Indian Space Research Organization (ISRO) to enable the upcoming Gaganyaan Mission. Through the association, Tata Elxsi has designed and developed Crew Module Recovery Models (CMRM) for recovery team training of the space Mission
Shares of telecom sector firms such as Vodafone Idea, MTNL, Indus Towers will remain in focus after the Cabinet cleared a revival package of Rs 89,047 crore for the state-owned Bharat Sanchar Nigam Ltd (BSNL)
“The Nifty is all set to move into all-time highs in the short term and that could possibly open sharp upside momentum for the market ahead. Positive chart pattern like higher tops and bottoms continued as per daily chart and present upmove is in line with the new higher top of the sequence. There is no confirmation of any higher top reversal as of now. Immediate support to be watched at 18,650 levels and the immediate resistance is around 18,900 levels for the short term,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities
“The undertone of Bank Nifty index is still bullish, maintaining the support of 44,000 in a spot where a decent amount of Put writing is seen and resistance is still intact at 44,500. After the central bank policy, the Bank Nifty is expected to give a move on either side. Upon a decisive move of 44,500, we might see strong directional upside moves,” said Rupak De, Senior Technical at LKP Securities
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