Top stocks to watch out for today: Indian equity benchmark indices ended almost flat on a downward note on Wednesday with Sensex falling 33 points and Nifty rising 9 points after a record-breaking surge in the last few trading sessions. Weak global market trends and sharp plunge in HDFC twins also contributed to the market performance.
The BSE Sensex fell 33.01 points or 0.05 per cent to settle at 65,446.04. The 32-share indice remained in the negative for most part of the trade and fell 222.56 points or 0.33 per cent to 65,256.49 in intra-day.
The NSE Nifty added 9.50 points or 0.05 per cent to close at its fresh record high of 19,398.50. During the day, it touched a high of 19,421.60 and a low of 19,339.60.
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“The Nifty remained in sideways movement over the past two days, suggesting a lack of demand at higher levels. However, the overall trend remains strong, as the index continues to sit comfortably above critical moving averages, indicating absence of aggressive short positions at this time. On the higher end, resistance is placed between 19450 and 19500 which the Nifty might face some difficulty in surpassing,” said Rupak De, Senior Technical analyst at LKP Securities.
“Looking ahead, it is expected that the Nifty will likely continue to trade sideways, as long as it sustains within the range of 19200 to 19500, implying a range bound trades unless there is a directional breakout,” he added.
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“BankNifty, for the 2nd session witnessed stagnant movement near 45150-45300 zone with frontline banking stocks like HDFC Bank shedding some gains and others witnessing a sluggish move for most part of the session. The levels for the index remain intact with near-term support at around 44600 levels while on the upside has potential to go further till 46200-46400 zone. The support for the day is seen at 19300 levels while the resistance is seen at 19550 levels. BankNifty would have the daily range of 44800-45500 levels,” said Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher Pvt. Ltd.
Top stocks to watch for 6 July:
Adani Wilmar
The company has estimated volume growth of 25 per cent in the April-June quarter against previour year period, on the back of astrong demand in both food and edible oil segements. The sales value has declined 15 per cent, reflecting sharp fall in edible oil prices. The Food & FMCG segment recorded volume growth of 20 per cent and revenue growth of 30 per cent to surpass Rs 1,000 crore for the reported quarter on a standalone basis.
Indian Oil
Indian Oil Corporation, the country’s top oil company, plans to raise capital through rights issue of equity shares under government’s plan to infuse capital into three state-owned fuel retailers to fund their net zero carbon emission projects.
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Tata Power
The company received an order worth Rs 1,7444 crore to implement the smart metering project in Chhattisgarh State Power Distribution Company. The project is estimated to take around 10 years for completion.
Steel Authority of India
Steel Authority of India on Wednesday announced that is has achieved record-breaking performance in the April-June quarter of FY24 in terms of production and sales. The company recorded a growth of 8 per cent year-on-year in its crude steel production at 4.667 MT during the reported quarter. The saleable steel reported a growth of 8 per cent at 4.405 MT during the same quarter.
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JSW Steel
The company will replace HDFC Ltd in the S&P BSE Sensex from 13 July, as the former will be delisted, following its merger with HDFC Bank.
