Latest Stock Market News

Broad market indicator Nifty has formed a bearish engulfing pattern on the monthly chart and the daily chart shows stiff resistance at 18300 to 18400 in the near term. The Nifty IT sector continued to be under selling pressure.

For more such web stories click on the ET icon below

Page Industries, incorporated in the year 1994, is a Large Cap company (having a market cap of Rs 45799.48 Crore) operating in Apparels sector.

A total of 6,579 shares changed hands on the counter till 11:33AM (IST).

On the options front, the weekly maximum Call OI is placed at 18300 and then towards 18200 strikes while the weekly maximum Put OI is placed at 18000 and then towards 17800 strikes.

"Where there is uncertainty, the best thing is not to step into those muddled waters. The Indian economy has got substantial leverage plays which can really pan out across the length and breadth of the country and across the spectrum of sectoral allocations. I believe one should keep a close tab on this segment but not to venture until the scenario clears completely."

"ICICI Bank has reached a very high level and from here onwards, what next? So why not look for something which has not moved as of now? It is just the kind of rotation which is happening. There is specifically nothing negative I have heard about ICICI Bank. They are continuously doing what they were doing very well with the change of management."

Maintaining steady uptrend. The chart patternindicates the prevailing bias to continue.

"Sectors which have otherwise leveraged demand like autos or property or capex cycle dependent could be where they have been recommending for two and a half years. We need to figure out if those would see some earnings downgrades as the year goes. It will start off with valuations getting impacted. Eventually earnings will shore up as an impact may be two-three quarters later but markets will be ahead of it."

For more such web stories click on the ET icon below