Pre-market analysis: We can see a tiny build-up in not more than 57 stocks ahead of the week. These include Bata India, L & T Technology, Bajaj Auto, Biocon, and so on.

Experts stated that the market appears to have finished the correction after a strong recovery from the day’s low and the formation of Bullish Piercing Line and Double Bottom patterns on April 19. They added that the immediate resistance is expected to be the 22,200–22,300 levels and that 22,000 may serve as a support for the Nifty 50.

From a basic perspective, analysts do not anticipate a significant worsening of the Iran-Israel confrontation, especially because Brent crude futures have recently been trading below $90 per barrel.

On April 19, the Nifty 50 gained 151 points to 22,147, while the BSE Sensex rebounded roughly 1,300 points from the day’s low to end with 599 point gains at 73,088, respectively.

With Middle Eastern geopolitical concerns in the background, the index began trading on a very bearish note. The early portion of the session saw the return of the positive rebound, and the mid-to-late portion of the session saw the up move continue. The initial downward gap has been entirely filled.

“On the daily chart, a lengthy bull candle developed after opening at the lows. According to a senior technical research analyst at HDFC Securities Nagaraj Shetti, “the current chart pattern is indicating a formation of bullish Piercing line type candle pattern and this signal short term bottom reversal for the market.”

Pre-market Analysis Nifty Trends

The Nifty managed to stay above the support at about 21,750, which is not too far from the March 20 swing bottom. He believes this arrangement may be classified as double bottom type. The Nifty recovered the lost territory and held the support trendline on a closing basis after falling below it, which is encouraging.

As a result, Nagaraj believes that the Nifty’s short-term trend appears to have turned around following the formation of a bullish reversal-type candle pattern on Friday. “In the next sessions, more upside toward the next resistance level, which is about 22,500 levels, is possible. The degree of immediate support is about 22,000.”

Furthermore, the price movement now confirms the upward divergence on the hourly momentum indicator. “Therefore, we anticipate that the decline will persist in the upcoming trading sessions.” The immediate obstacle lies between 22,300 and 22,500. The important support level to be aware of on the downside is 22,000, according to Jatin Gedia, a technical analysis analyst at Sharekhan by BNP Paribas.

Bulls found some solace in the fact that the volatility also surged over the 14 levels during the day, but it eventually calmed down and settled below it. The India VIX, on the other hand, has been climbing for the fifth straight session, closing the week up 3.2 percent at the 13.46 level.

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Stocks in the news

HDFC Bank

The private sector lender reported a standalone net profit of Rs 16,511.9 crore for the quarter that ended in March of FY24, up 0.9 percent from the prior quarter. With Rs 29,077 crore in net interest income for the quarter, it was up 2.1 percent over the prior quarter.

Wipro

The net profit was up 5.2% over the previous quarter. The technology services and consulting business reported a consolidated net profit of Rs 2,834.6 crore for the quarter in March of FY24. During the same quarter, revenue from IT services decreased by 0.3 percent on a sequential basis to Rs 22,079.6 crore.

HDFC Asset Management Company

The company’s standalone revenue for the March FY24 quarter was Rs 541.1 crore, up 43.8 percent from the same time the previous year. During the quarter, revenue from operations increased by 28.6% on an annual basis to Rs 695.4 crore.

Jio Financial Services

For the quarter that concluded in March of FY24, the financial services firm reported a profit of Rs 310.6 crore, up 5.7% from the prior quarter. Comparing the December FY24 quarter to the current one, interest income climbed by 4.3 percent to Rs 280.7 crore, while overall revenue from operations increased by 1 percent to Rs 418.1 crore.

Indian Renewable Energy Development Agency

For the March FY24 quarter, the green finance NBFC reported a net profit of Rs 337.4 crore, which is a 33 percent increase over the same time in the previous fiscal year. During the same time, overall revenue from operations climbed by 34.3 percent to Rs 1,391.3 crore, while net interest income jumped by 35.07 percent to Rs 481.4 crore.

National Fertilizers

The firm has been awarded Navratna Status by the Department of Public Enterprise, Ministry of Finance, Government of India.

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