Weekly Outlook of Nifty & Bank Nifty
Added: (Sat May 25 2019)
Pressbox (Press Release) -
Nifty View
Nifty index formed an Inside Bar on the daily scale as it traded inside the wider trading range of election day while a bullish gap up candle on a weekly scale which indicates that bulls are holding the tight grip in the market It has to continue to hold above 11,750 zones to extend its move towards 12,000-12,040 zones while support is seen at 11,666-11,650 zones.
Bank Nifty View
Bank Nifty has been making higher lows from the past six consecutive sessions and closed the week with the decent gains of around 6 percent. It made a new lifetime high of 31,705 on the election outcome day and had a highest daily and weekly close above 31,200 zones. Now Bank Nifty has to hold above 30,500 zones to extend its move towards the recent high of 31,705 then a fresh rally towards 32,000 and 32,250 levels while major support exists at 30,250 zones which have provided major support for the last entire week.
NEWS CORNER
1. Indraprastha Gas Ltd, which retails CNG to automobiles in the national capital and adjoining cities, Friday reported a 28 per cent rise in its March quarter net profit on the back of higher sales. Net profit in January-March rose to Rs 224.72 crore from Rs 175.33 crore in the year-ago period, the company said in a statement here.
2. Jindal Stainless Hisar Ltd (JSHL) May 24 reported 31.75 per cent fall in standalone net profit at Rs 65.59 crore for the quarter ended March 31, 2019. The company's standalone net profit stood at Rs 96.11 crore in the January-March quarter of the preceding fiscal Total standalone income during the quarter rose to Rs 2,385 crore from Rs 2,282.22 crore in the year-ago period. JSHL's total expenses also grew to Rs 2,301.13 crore from Rs 2,127.84 crore a year ago.
3. Essel Group direct-to-home arm Dish TV India Ltd reported a consolidated net loss of Rs 1,316.30 crore for the fourth quarter ended March 31. The company had posted a net profit of Rs 118.21 crore in the January-March quarter a year-ago.Its revenue from operations during the quarter was Rs 1,398.75 crore. It was Rs 1,532.37 crore during the corresponding quarter of the previous fiscal.
4. Footwear major Bata India May 24 reported a 69.47 per cent jump in standalone profit to Rs 88.26 crore for the fourth quarter ended March 31, 2019. It had posted a profit of Rs 52.08 crore in the January-March quarter of the preceding fiscal. The company's revenue from operations during the quarter under review stood at Rs 679.39 crore, up 7.44 per cent from Rs 632.31 crore in the year-ago period.
5. Whirlpool of India May 24 reported 13.91 per cent increase in profit at Rs 104.1 crore for the fourth quarter ended March 31, 2019. The company posted a profit of Rs 91.38 crore in the year-ago quarter. Total income from operations during the quarter under review stood at Rs 1,380.5 crore, up 7.6 per cent from Rs 1,282.42 crore in the year-ago period.
STOCK OUTLOOK
DLF FUT :- Stock gains and able to trade above Bollinger band which further indicates buying in stock in coming session.
Stock in ban period
ADANIPOWER, IDBI.
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Stock in ban period: - ADANIPOWER, IDBI, RPOWER
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