With major domestic events like RBI MPC behind, markets will take cues from global events. The overall structure remains positive with Nifty gradually moving towards its previous lifetime high, supported by lower volatility, healthy macros, and consistent FII buying, said share market analysts.
Mixed global cues combined with continued underperformance from the banking pack capping the momentum. Asian Paints, HDFC AMC, Indian Hotels, NFL among stocks to watch on Friday.
Shares of Asian Paints, HDFC AMC will turn ex-dividend on Friday, June 9, 2023. The companies had announced a final dividend of Rs 21.25 and Rs 48 per share respectively.
Blackstone portfolio company R Systems has acquired Pune-based Velotio, a product engineering and digital solutions company for Rs 278.80 crore. R Systems said this acquisition would deepen its product engineering capabilities in the technology, media and healthcare verticals, and expand its India delivery footprint to Pune.
Shares of India Hotels Company (IHCL) and National Fertilizers Ltd (NFL) will trade ex-dividend on Friday, June 9, 2023. The companies had announced a dividend of Rs 1 and Rs 1.53 per share respectively.
L&T Finance Holdings’ board of directors has recommended a final dividend of Rs 2 per equity share (face value Rs 10 per share) for FY23. The dividend, if approved by the members at the ensuing AGM, will be credited within 30 days from the date of the AGM.
“The Nifty has been moving up as per bullish pattern like higher tops and bottoms in the last few weeks on the daily timeframe chart. Thursday's swing high could be considered as a new higher top of the sequence and further weakness for short-term is expected to be a higher bottom of the sequence. At the lows, Nifty could find cluster support like ascending trend line, 10 day and 20 day EMA around 18,560-18,450 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
“Bank Nifty index has a support level positioned at 43,700. This level is crucial as a breach below it could intensify the selling pressure in the market. A breach below this support level might indicate a further downside potential and could attract additional selling interest from traders and investors. The index is stuck in a range and a break on either side will have directional move,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
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