Market has now been consolidating for the last 4 days and is awaiting fresh triggers for the next leg of the rally as the structure of the market remains positive. Investors would continue to keep an eye on economic data to be released this week.
Markets on Monday will react to India’s inflation data and the Karnataka election outcome. HAL, Cipla, Tata Motors, Vedanta among stocks to watch on Monday.
Tata Motors Ltd on Friday reported a second consecutive quarterly profit, helped by price hikes and strong demand for cars in its luxury Jaguar Land Rover (JLR) stable as well as for commercial trucks. It also declared its first dividend in nearly seven years, of Rs 2 per share.
Vedanta on Friday said its consolidated profit plunged 57% YoY to Rs 3,132 crore for Q4FY23 compared with Rs 7,261 crore in the same quarter last year. Net sales for the quarter fell 5% YoY to Rs 37,225 crore from Rs 39,342 crore in the corresponding quarter last year.
Cipla recorded a consolidated net profit of Rs 525.65 crore for Q4FY23, 45.3% higher than Rs 362.07 crore in the year-ago period. Revenue also grew 9.1% YoY to Rs 5,739.30 crore, from Rs 5,260.33 crore seen in the corresponding quarter of the previous year.
DLF on Friday reported a 41% rise in consolidated net profit to Rs 570 crore during the March quarter. It was Rs 405 crore in the same period last year. The board has also recommended a dividend of Rs 4 per equity share, which is 200% on the face value of Rs 2 each for FY23.
Ambuja Cements Ltd said on Friday it would expand its blended cement production capacity. The Adani Group company placed orders to expand clinker capacity by 8 million tonnes at two units that would operate on green power or renewable energy, and help increase production of blended green cement by 14 million tonnes, it said in a stock exchange filing.
HAL on Friday said its consolidated net profit stood at Rs 2,831 crore in the fourth quarter of FY23, down 9% from Rs 3,105 crore clocked in the same quarter last year. Revenue from operations, jumped 8% YoY to Rs 12,494 crore for the quarter ended March. The same stood at Rs 11,558 crore in the corresponding quarter of last year.
“The short-term trend of Nifty continues to be range bound with positive bias. A decisive move above 18,400 levels could open the next upside of around 18,600-18,700 levels in the near term. Any weakness from here could find support around 18,180-18,200 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
“Bank Nifty has also 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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