Investors are highly nervous as they await the release of US GDP and PCE inflation data, which will guide the upcoming Fed action.
Market to remain range bound with positive bias driven by results from index heavyweights. Bajaj Auto, Tata Consumer Products, Bajaj Finance, Maruti Suzuki among stocks to watch on Wednesday.
Bajaj Finance is expected to post a 32% jump in net profit for the quarter ended March 2023 on the back of robust disbursements and continued focus on its omni-channel strategy.
Maruti Suzuki India will report its March quarter results on Wednesday. The company's revenue growth is likely to be over 20%, while the bottomline may grow by as much as 50% from last year.
Bajaj Auto on Tuesday posted a net profit of Rs 1,432.88 crore in Q4FY23, as against a profit of Rs 1,468.95 crore in the same period a year ago, registering a single-digit drop of 2.5%. The bottom-line front was impacted by lower sales.
HDFC Life Insurance is expected to report net profit growth of 13% year-on-year. Net Interest Income (NII) is expected to increase by 26% percent YoY.
Tata Consumer Products has posted a net profit of Rs 268 crore for the quarter ended March. This is higher by 23%, compared with Rs 217 crore loss clocked in the corresponding quarter of last year. Revenue from operations during the fourth quarter came in at Rs 3,619 crore, up 14% year-on-year.
“Nifty index remains comfortably above the critical moving averages, suggesting a positive trend. The upside resistance is visible at 17,800, where the bulls may find an immediate resistance. Above 17,800 the Nifty may move higher towards 18000. On the lower end, support remains intact at 17700,” said Rupak De, Senior Technical Analyst at LKP Securities.
“Bank Nifty remains in a strong buy mode with support at 41,500-41,400 levels which will act as a cushion for the bulls. The upside resistance is visible at 43,000 where the highest open interest is built up on the call side and once surpassed will see further short covering,” said Kunal Shah, Senior Technical & Derivatives Analyst at LKP Securities.
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