Where is market heading next? Market News:
Sensex and nifty50 ended with an upside of 1% in the previous week ended on 26th May. Before that, both Nifty and Sensex were in consolidation phase for 2 weeks.Last week Nifty has outperformed Sensex and as per our previous month's Nifty view which was published on 1st May, 2023 , where we discussed that Nifty had made a Long-legged doji on monthly chart in March, and in April it had made a bullish Marubozu candle which was a bullish sign. Nifty respected our levels and views.
Next week, will see the start of a new month with investors eyeing for a lot of factors which will drive the market such as GDP and PMI, alongside ex dividend stocks, Q4 results, auto sales, metal companies production data, global trend specially US markets performances. On Friday, Sensex closed at 62,501.69 up by 1.02%.Nifty closed at 18499.35 increased by 0.97%.Broader experienced buying in almost all sectors. FII and DII were buyers throughout the week. FII bought Rs. 3230.49 crores in equities and DII bought 3482.21 crores in equities surpassing FII.
As per current daily chart, there's a divergence in price and RSI which is negative for Nifty if divergence is respected. We may see a correction of 200 to 250 points in nifty. However, Nifty is in uptrend and gave a good closing. So, every deep is a buy in Nifty.Below is the current daily chart of Nifty.
Quaterly Results:
- ONGC Q4 net profit plunges to 53% yoy at Rs. 701 crore reported on May 26.Revenue up 5%, dividend declared.
- Sun Pharmaceuticals on 26th May reported a consolidated net profit of Rs. 1984.47 crore for the quarter ended 31st March, 2023.Last year in the same period there was a loss of Rs. 2277.25 crore.
- Grasim Industries Q4 net profit slumps 88.5% to Rs. 93.5 crore a sharp fall below estimate. Last year in the same period there was a net profit ofRs. 814 crore.
- Auto major Mahindra and Mahindra on 26th May had a lower than expected rise of 22 % in net profit of Rs. 1549 crore in the March quarter.
- PTC India reported a decline of 8.07% in its consolidated net profit against the last year at Rs. 507.15 crore.
Trending News
- SBI, Infosys, IndSind Bank, Vedanta, ITC, other stocks like Havells India Mahindra CIE, Trident, Aptech, Advani Hotels and Resorts D. B. Corp will go for dividends.
