Page 40 - Axis Securities News Today

Welspun India formed robust bullish candlestick pattern on the daily timeframe with strong volumes. The stock maintained downward sloping resistance trendline breakout in the mid of October as well as stayed above all key moving averages, which is a positive sign.

Analysts expect Nifty to trade in the 19,400-18,600 range with a negative bias. The weekly strength indicator RSI is moving downwards and is quoting below its reference line indicating a negative bias

Axis Securities suggests that if Nifty crosses and sustains above the 19,200 level, it could witness buying, propelling the index towards 19,300-19,400 levels; if it breaks below 18,900 level, it could witness selling, pushing it towards 18,750-18,600.

As for silver futures, the uptick in October is around 3.58% or Rs 2,500 while the year-to-date gains stand at Rs 4.25% or 2,947 per kg.

BSE benchmark Sensex plummeted almost 900 points on Thursday, its sixth day of descent, to end below 64000

India Business News: The Indian stock market, specifically the sensex, experienced a significant drop of 901 points or 1.4% on Thursday, reaching a four-month closing low.

Analysts said this indicates that the mood is increasingly becoming bearish.

“The company has been reporting a good set of numbers on the industrial side since the last few quarters. However, the core decorative business, has been a little sluggish since the last two quarters. So definitely, volume growth is coming up. We will see how the second half goes for the company and the industry as well.”

“It will vary from one company to another company. M&M has a completely different mix of products. M&M, of course, has a very large tractor portfolio and farm equipment portfolio, so that has a meaningful impact on revenues. We will have to wait and watch what exactly the auto companies report in terms of their overall numbers.”

The Infosys founder has said youngsters should work 70 hours a week if India wants to compete with economies that have made tremendous progress in the last two to three decades