Pre-market analysis-Today, we see a slight built-up in more than 70 stocks. The major players are Wipro, Sun TV Network, R & C, L & T Technology and Bata India.
The market hit the target of 22,750 after reaching an upward sloping trendline yesterday. However, the share market was not able to sustain the high record level for a longer time. The major reason behind this was supposed to be profit booking.
Today, if the index climbs high, the 23,000 level cannot be ruled out. However, till that happens, the said zone of 22,750 will rule and may even become a hurdle on the higher side. The index may be consolidated with the support at 22,500 levels.
Also, its important to note that BSE Sensex was down to 59 points at 74,684 yesterday. The Nifty got declined to 24 points to 22,643 levels, forming a candelestick pattern with bearish trait.
Experts say on Pre-Market Analaysis
Nagraj Shetti, Senior technical analyst at HDFC securities says “the pattern hints at the tiredness for the market at the new highs. Nifty is is near the crucial overhead resistance of the declining resistance line. The important Fibonacci extension will also come into play around 22,750 to 22,800 levels.
Experts feel that Nifty is placed at new highs and hows consolidation. However, there is still not affirmation of any top reversal pattern that can be seen at the highs.
Also, note that the upper areas of 22,750 to 22,800 are expected to act as a crucial overhead resistance. This may happen for short term, experts said. This shall show immediate support at 22,500 level. The trend can even trigger a small-term downward correction at the market levels.
Data points to help collate trade. Source.
Bank Nifty
The Bank nifty recently extended its northward journey. This happened for the 5th consecutive time. The rising included 149 points to end at a totally new closing high of 48,731. However, there was profit-taking involved at the top.
Stocks in the News-Pre-Market analysis
One 97 Communications
Sources reveal that Surinder Chawla has resigned as the CEO of the Paytm Payments Bank. While the news was informed by Associate entity of Paytm Payments Bank, we are still unaware of the reasons behind the resignation.
Paisalo Digital
The company’s assets saw a high growth of around 32 percent. This was seen in the case of Assets Under Management, amounting to Rs 4,622 crore at the end of FY24. The disbursements also increased upto 38 percent, equaling to Rs. 3,588 crore. The Co-lending loan disbursement grew by 100 percent, which equals to 1,128 crore. This happened in the same quarter.
Lupin
The world-wide famous Pharma Company launched its maiden generic version of the drug Oracea. The salt included is Doxycycline and it is capsule form of 40mg. The launch was initiated in United States, after approval from the United States Food Drug and Drug Adminstration.
Shivalik Rasayan
The US FDA or United States Food and Drug Administration inspected the API facility of Shivalik Rasayan at Dahej, Gujarat. The inspection was held between 1st and 9th April. The procedure concluded with 7 observations, which are procedural in nature as per the sources.
Exide Industries
The popular battery manufacturer for automotive has agreed on acquiring 26 percent equity stake in the Clean Max Arcadia. This is a special purpose vehicle being promoted and launched by Clean Max Enviro Energy Solutions. The vehicle is supposed to help generation and supply of solar power.
F & O Ban List
The major entries include Vodafone Idea, Hindustan Copper, Exide Industries and India Cements.
Learn more about stocks and trade here.
