Q3 Results Today: Mahindra & Mahindra, NMDC, Muthoot Finance, Natco Pharma, Indiabulls Housing Finance, and Shriram Properties are among the major companies scheduled to post their earnings on bourses on February 14.
On February 13, the benchmark indices recovered, with the BSE Sensex jumping 483 points to 71,555, while the Nifty 50 rose 127 points to 21,743.
The benchmark index started the day positively, ticking around 50 points at the open. However, the friction effect of the previous session quickly reversed those gains, pushing prices down within minutes. Later, the Nifty index fell below the low of February 13, hitting an intraday low of 21543. Despite this decline, the market staged a strong rebound, surpassing the morning highs and maintaining a positive tone for the rest of the day, finally closing with a win. of 0.59%, just below 21750.
Market uncertainty continues as there is a lack of follow-up movement from the previous day’s action. Nifty has managed to hold the key support level of 21500, which represents a 61.8% retracement of the recent rally seen from the levels of 21137 to 22126. This retracement is of major technical importance, and further selling pressure would probably only appear if this level. is broken In such a scenario, a decline to 21350 – 21200 levels could be expected. On the other hand, although there is no major change in the higher time frame charts, one should pay attention to the 21850 level. A move beyond this level on intraday charts could signal a positive development, possibly pushing prices back to 22000 – 22100. In general, the index remains range-bound between 21500 and 22100, and a trend move is likely only after a break beyond this range. Until then, traders are advised to focus on the aforementioned levels and trade according to the intraday trend, according to Rajesh Bhosale, Technical Analyst, Angel One.
Although markets ended in positive territory, it was mainly due to a recovery in banking stocks, which were hammered in recent sessions due to mixed gains in the financial space and central bank delayed rates. Volatility is likely to continue as most of the headwinds like geopolitical concerns coupled with strained valuations of local stocks and FII selling will continue to keep investors at bay, opined Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
More than 30 major companies will post earnings on February 14th
Mahindra & Mahindra, NMDC, Muthoot Finance, The Fertilizers and Chemicals Travancore, Gland Pharma, Ipca Laboratories, Narayana Hrudayalaya, Sun TV Network, Aditya Birla Fashion and Retail, Glenmark Pharmaceuticals, Gujarat State Petronet, NMDC Steel, Crompton Greaves Naft Consumer Electricals, Pharma, Indiabulls Housing Finance, Rajesh Exports, Eureka Forbes, KPI Green Energy, Kirloskar Brothers, PTC India, Hinduja Global Solutions, Orient Green Power Company, Yatra Online, PC Jeweller, Shriram Properties, Credo Brands Marketing, Suprajit Engineering, National Fertilizers, Orient Green Power Company, Jindal Poly Films, Steel Exchange India and Tourism Finance Corporation of India.Over
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Published: 14 Feb 2024, 07:16 IST