Multiple Nifty 50 and broader market companies report results today. It is also the final day to subscribe to the Jio Platforms IPO, which has already received bids worth over ₹1 lakh crore. For the Nifty, the lows of Wednesday and Thursday – 22,649 and 22,554 will be the most important to watch on the downside, while any recovery towards the 22,800 – 22,900 zone could see supply emerge.
The real pain though, is in the broader markets. The Midcap index is down 3.5%, the Smallcap index has it worse, down 4.5% this week so far, the worst since the start of the year. Today is the busiest day of the week, not just in terms of results, but also for newsflow.
Multiple Nifty 50 and broader market companies report results today. It is also the final day to subscribe to the Jio Platforms IPO, which has already received bids worth over ₹1 lakh crore. For the Nifty, the lows of Wednesday and Thursday – 22,649 and 22,554 will be the most important to watch on the downside, while any recovery towards the 22,800 – 22,900 zone could see supply emerge.
The Nifty Bank remains in its 1,000-point range of 54,500 – 55,500. A major impediment to any recovery is crude, with Brent now above $113 a barrel. Keep an eye on the IT names after the AI sell-off, along with names like Swiggy, Infosys, PSU Banks, and crude sensitives like ONGC & Oil India along with the OMCs, apart from the usual result reactions.
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