Page 7 - Bata India News Today

If IT stocks deliver, the Nifty can easily make new highs. On the down side, the major support for Nifty is around 21,800, says analysts

Top Gainers and Losers Today : The Sensex gained 535.15 points, or 0.74, to settle at 72623.09, while the Nifty gained 162.4 points, or 0.74, to close at 22055.05.

A long build-up was seen in 98 stocks, which included ABB India, Eicher Motors, Siemens, Maruti Suzuki India and Oracle Financial Services Software

A short build-up was seen in 61 stocks including Lupin, HDFC AMC, SBI Life Insurance Company, Bata India, and Kotak Mahindra Bank.

"We suggest maintaining a positive yet cautious stance as Nifty is set to retest its record high. Needless to say, we need sustainability above 22,150 to end the consolidation and march towards the 22,500+ zone else profit-taking may resume," said Ajit Mishra, Religare Broking.

"Revenge shopping that we saw during the pandemic was never sustainable. While people are buying higher priced products including cars and electronics with finance options, the increasing EMI every month is forcing them to cut back on lifestyle products like clothing and accessories," said Kumar Rajagopalan, chief executive officer of RAI.

Based on the OI percentage, 44 stocks were on the short-covering list. This included Chambal Fertilisers & Chemicals, HDFC Life Insurance Company, Pidilite Industries, Dr Reddys Laboratories, and ICICI Lombard General Insurance Company.

A long build-up was seen in 69 stocks, which included Hindustan Copper, Alkem Laboratories, Cummins India, Torrent Pharmaceuticals, and Atul.

Here’s a look at stocks that are likely to remain in action today.

Gunjan Shah, MD and CEO of Bata India Limited, said, “Despite persistent market headwinds accentuated in discretionary spending, we continued to invest in new product launches, enhancing customer experience and expanding our reach across channels & markets.”