Pre-market analysis- The market continues the up trend today with as many as 75 stocks on the short-covering list. The major ones include ApolloTyres, Exide Industries, Hindustan Petroleum, Eicher Motors, and MCX India.
We were able to see a smart rebound in the market as it closed a tad above the resistance trendline. Also, the market forms a pattern of higher highs and higher lows on the daily chart. This was seen for the continuous third session.
Experts say that if the index sustains over the resistance trendline and passes the 22,800 mark, everyone can anticipate it crossing the 23,00 mark in future sessions. The 22,600 will be the immediate support, followed by 22,500 levels.
On the last working day, the market’s momentum remained in the bull’s favor. However, a moderate correction with consistent volatility was also seen in the last session. On Wednesday, the BSE Sensex rose to 354 points while the Nifty rose to 111 points. There was a bullish candlestick pattern to be seen on the charts. The volume overall remained below average.
Technically, the pattern followed by the market is a wave-type candle pattern. Since this pattern is seen sideways range, the predictive value it yields could be less.
Currently the Nifty is at the hurdle of 22,800 and shows no signs of reversal formation at the highs.
Bank Nifty
The Bank Nifty continued to go up on April 10, rising 256 points to 48,987. It had higher highs and higher lows for five days in a row, with above-average trading volumes, but it couldn’t stay above 49,000 at the end of the day.
“Strong support is at 48,500, and strong resistance is at 49,000.” Kunal Shah, a senior technical and derivative expert at LKP Securities, said, “Any decisive move above these levels is likely to set off trending moves.”
He thinks that the index will stay in a “buy-on-dip” position because 48,500 is a key support level that will protect it from any drops.
The pivot point tool says that the Bank Nifty index may face resistance at 49,022, then at 49,144, and finally at 49,293. The price is likely to find support at 48,756, then at 48,664, and finally at 48,516 on the downside.
Pre-market analysis- Stocks in News
Tata Consultancy Services
The largest IT Services of the company will release its quarterly and full-year earnings scoreboard today. Anand Rathi Wealth is also set to announce the earnings today i.e. April 12th, 2024.
Bharti Hexacom
Bharti Hexacom is a subsidiary of Bharti Airtel. The subsidiary will go public for the first time on April 12. The final price per share has been set at Rs 570.
Maharashtra Seamless
ONGC has placed an order for capping seamless pipes worth Rs 674 crore with the company. In 44 weeks, the order will be carried out.
Computer Age Management Services
A license from the Reserve Bank of India says that Computer Age Management Services is allowed to work as an online payment provider.
Metropolis Healthcare
The company’s total sales rose by about 10% year over year in the quarter that finished in March FY24. In the core business, sales grew by 15% year over year, thanks to 8% growth in volume and 7% growth in RPP for the quarter.
DCX System
In a recent announcement, Diwakaraiah N. J. has been named Chief Financial Officer (CFO) of the company, effective April 11.
NSE Ban List
Balrampur Chini Mills and National Aluminium Company have been added to the F&O ban list for April 12 by the NSE. Exide Industries, Hindustan Copper, Vodafone Idea, India Cements, SAIL, and Zee Entertainment Enterprises are still on the list. Bandhan Bank was taken off of that list.
Companies whose derivative contracts are worth more than 95% of the market’s position limit are examples of securities that are not allowed in the F&O section.
Check out our Stock Analysis here.