Market is stuck in a range, despite favourable global environment and strong FIIs buying. Nifty is gradually moving to a higher zone, while the downside is limited. Overall, analysts suggest investors to remain with ‘buy on decline’ strategy with action in the broader market
Market participants are keeping a close eye on the upcoming CPI inflation data. Tata Motors, Vedanta, Cipla, Asian Paints among stocks to watch on Friday
Mankind Pharma, maker of Manforce condoms and Prega News pregnancy kits, issued a response on the searches carried out by the income tax department in its Delhi office. The pharmaceutical company said that the searches have had no impact on its operational performance
Anil Agarwal-led Vedanta is set to report its earnings for the quarter ended March 31, 2023, on Friday, May 12. The company's performance is likely to be a mixed bag with realization and volumes to be key triggers for the brokerage firms tracking the commodity play stock
Asian Paints on Thursday reported a 45% YoY jump in the consolidated net profit at Rs 1,234.14 crore for the quarter ended on March 31, 2023. Its consolidated revenue from sales rose about 11% YoY to Rs 8,750.85 crore from Rs 7,889.94 crore in the year-ago period
Dr Lal PathLabs on Thursday said its consolidated PAT declined 8% to Rs 57 crore for the fourth quarter ended March 31, 2023. Revenue from operations rose to Rs 491 crore for the fourth quarter as compared with Rs 485 crore in the year-ago period
Tata Motors board will meet on Friday, May 12 to consider and approve a final dividend for the year ended March 31, 2023, for its shareholders. The company is also expected to declare its quarterly results for the January-March quarter of FY23 today
Cipla is slated to release its Q4FY23 results on May 12, 2023. The quarterly results are expected to be good at the operational level. Cipla is likely to report a 7% YoY increase in its consolidated revenue. Its EBITDA is expected to jump by 54%
“The Nifty index has traded within a range of 18,270 and 18389. It formed a bearish engulfing pattern, which typically indicates a potential reversal in the market trend. Adding to the bearish sentiment, the RSI has entered a bearish crossover. In terms of key levels, support is seen at 18,200, which may act as an initial level of protection. On the other hand, resistance is seen at 18,400, indicating a level where selling pressure might increase,” said Rupak De, Senior Technical Analyst at LKP Securities
“Bank Nifty has surpassed the key hurdle of 43,500, with the critical resistance zone at 43,900-44,150. It's likely that some profit booking could occur in this area, but if the Bank Nifty manages to break above it, the next resistance levels will be at 44,440 and 45,000. On the downside, the immediate support level is at the 20-DMA around 42,800, with 42,000 being a significant base during any correction,” said Santosh Meena, Head of Research, Swastika Investmart Ltd
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