Wednesday, August 9, 2023

MARKET EYE RBI CREDIT POLICY ON 10 AUG 2023

STOCK QUARTERLY RESULT ON 10 AUG 2023

Alkem Laboratories Ltd

Cholamandalam Financial Holdings Ltd

Container Corporation Of India Ltd

Grasim Industries Ltd

Hero MotoCorp Ltd

Ipca Laboratories Ltd

KRBL Ltd

Manappuram Finance Ltd

NBCC (India) Ltd

NCC Ltd

Page Industries Ltd

Pidilite Industries Ltd

COMPANY NAME

3M India Ltd

Alkem Laboratories Ltd

Apollo Tyres Ltd

Avanti Feeds Ltd

Bajaj Electricals Ltd

Campus Activewear Ltd

Chemplast Sanmar Ltd

Cholamandalam Financial Holdings Ltd

Container Corporation Of India Ltd

Endurance Technologies Ltd

Esab India Ltd

G R Infraprojects Ltd

General Insurance Corporation of India

Global Health Ltd

GMM Pfaudler Ltd

Graphite India Ltd

Grasim Industries Ltd

Hero MotoCorp Ltd

Honeywell Automation India Ltd

Ipca Laboratories Ltd

KRBL Ltd

Lemon Tree Hotels Ltd

Life Insurance Corporation of India

Manappuram Finance Ltd

Mazagon Dock Shipbuilders Ltd

NBCC (India) Ltd

NCC Ltd

Nuvoco Vistas Corporation Ltd

Page Industries Ltd

Pidilite Industries Ltd

Polyplex Corporation Ltd

Prince Pipes & Fittings Ltd

RHI Magnesita India Ltd

Samvardhana Motherson International Ltd

Sanofi India Ltd

Steel Authority of India Ltd

Torrent Power Ltd

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The domestic market started to adopt a defensive stance as investors awaited key inflation data for India and the US. The deflationary trend in China and the downgrade of the US middle and small banks influenced market sentiment. However, a late recovery in the domestic market was supported by a positive rebound in the European market and hopes that dovish RBI policy would not hurt domestic economic growth. Markets were volatile but eventually rallied nearly half a percent. After a weak start, Nifty gradually slipped and faltered in the narrow middle range, but a strong recovery in the last few hours completely changed the tone. Eventually it settled closer to the daily high of 19632; up 0.32%.The Nifty opened on a flat note and saw a highly volatile trading day today. The first half of the session saw a sell-off and an equally sharp fall in the second half, helping the Nifty to close about 60 points higher. On the daily charts, we can observe that Nifty is in the process of retracing the entire decline it experienced from 19990 to 19290. It is currently trading in the 19600-19700 zone, where resistance parameters in the form of the 20-day moving average (19650) are placed. On the upside, key Fibonacci retracement levels lie at 19650 -19725 where we can expect selling pressure to build. The current rally is a countertrend pullback that is likely to fizzle at Fibonacci retracement levels. The momentum setup on the daily and hourly time frame charts are providing mixed signals that may lead to consolidation in the near term. Overall, the trend is still negative and we expect the Nifty to target 19200 levels from a short-term perspective. Bank Nifty had a volatile trading day today. The main hourly moving averages in the 45000 - 45200range acted as resistance and came under selling pressure. There was a decline, but the price closed in the red. The daily momentum indicator has a negative crossover, which is a sell signal. Therefore, this decline should be used as a selling opportunity. On the downside, we expect 44,000 in the near term.

   

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