Pre-market analysis report: On a good note, stocks are observing a long build-up now. Same was seen in 61 stocks, including Aditya Birla Capital, ABP India, Ultratech cement, Balrampu Chini Mills and Mahindra & Mahindra.
The bearish Dark Cloud Cover pattern formation from Friday’s trade was negated, and the market momentum turned positive and continued to trade above all significant moving averages. With immediate support around 22,500 and crucial support at 22,300, the Nifty 50 is therefore expected to rise towards its previous record high of 22,776 in the upcoming sessions. Experts stated that closing above the same can push the index towards the 23,000 mark in the May series itself.
Following Friday’s long negative candle, the BSE Sensex increased 941 points, or 1.28 percent, to 74,671 on April 29. Meanwhile, the Nifty 50 increased 223 points, or 1 percent, to 22,643 and established a long bullish candlestick pattern on the daily charts.
Technically speaking, this pattern denotes a bullish counterattack and refutes the prior bearish Dark Cloud Cover pattern from Friday. This is encouraging and should lead to further upside in the upcoming sessions, according to senior technical research analyst at HDFC Securities Nagaraj Shetti.
On Monday, the pivotal 22,500 level (the opening downside gap of April 15) was tested once more, and Nifty ended the day above the aforementioned resistance zone. He believes that the Nifty is currently rising toward the new higher top formation of the pattern, which is above 22,775 levels, and that the greater degree bullish pattern of higher tops and bottoms is still in place.
According to Angel One’s technical expert Rajesh Bhosale, it is also expected that the Nifty would soon cross new ground. He therefore suggested that traders keep a positive attitude and see falls as opportunities to purchase.
“The previous high zone around 22,775 – 22,800 is expected to serve as immediate resistance before the index heads towards the 23,000 mark,” he stated.
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Stocks Making the News- Pre-Market Analysis Report
NMDC
The price of lump ore has raised by Rs 400 to Rs 6,200 per tonne at the state-owned iron ore firm. Fines now cost Rs 5,260 per tonne, an increase of Rs 200 per tonne.
UCO Bank
The lender reported net profit of Rs 525.8 crore for the fiscal quarter that ended in March of this year, a 9.5% decrease from the same period in the previous fiscal year. This decline was partially caused by higher pre-provision operational profit and reduced bad loan provisions. For the quarter, net interest income was Rs 2,187.4 crore, up 10.9 percent year over year.
KEC International
The major global infrastructure EPC company has secured fresh orders totaling Rs 1,036 crore in its different business segments, which include Middle Eastern and American transmission and distribution projects.
Poonawalla Fincorp
For the March FY24 quarter, the non-banking finance company posted a standalone net profit of Rs 331.7 crore, a significant increase of 83.6 percent over the same time in the previous fiscal year. For the quarter, net interest income increased by 57% year over year to Rs 641 crore.
Tata Chemicals
Affected by an extraordinary loss owing to UK operations, the Tata Group company reported a net loss of Rs 850 crore for the January–March FY24 quarter, compared to a profit of Rs 709 crore in the same period last year. Operations revenue for the quarter was Rs 3,475 crore, a 21.1 percent year-over-year decline.
JNK India
On April 30, the heating equipment maker is scheduled to make its market debut. The price per share for the final issuance has been set at Rs 415.
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