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Tech View: Nifty forms Hammer on weekly scale, lacks follow-up buying

Tech View: Nifty forms Hammer on weekly scale, lacks follow-up buying SECTIONS Share Synopsis Chandan Taparia of Motilal Oswal Securities said a ‘Hammer’ on weekly scale is indicating that declines are being bought into, but followup buying was missing at higher levels. Shutterstock.com Mazhar Mohammad of Chartviewindia.in said Friday s selling occurred from an intraday high of 14,697 after the index retraced 62 per cent of its last leg of fall from the highs of 14,984-248 levels. Related NSE Explore Now NEW DELHI: Nifty50 on Friday formed an indecisive Doji candle on the daily chart. On the weekly scale, the index formed a Hammer candle. Analysts said the 14,700 level may pose strong resistance for Nifty50 in the coming days. A fall below 14,250 level on the index can trigger a strong correction, they said.

Wipro surges 6%, nears record high on healthy March quarter results

Wipro surges 6%, nears record high on healthy March quarter results
business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.

Infosys shares dip 6% on profit booking post March quarter results

Shares of Infosys were down 6 per cent at Rs 1,320 on the BSE in intra-day trade on Thursday on account of profit booking in the counter following the company s March quarter numbers. The IT bellwether on Wednesday posted a 17.47 per cent year-on-year (YoY) growth in net profit at Rs 5,076 crore for the March quarter of the financial year 2020-21 (Q4FY21) as against Rs 4,321 crore posted in the same period last fiscal. Sequentially, however, the figure dipped by 2.32 per cent from Rs 5,197 crore posted in the December quarter of FY21. The company’s revenue during the March 2021 quarter (Q4FY21) grew by 2 per cent on a quarter-on-quarter (QoQ) basis in constant currency (CC) terms, lower than analysts estimates, due to offshoring which resulted in a fall in the counter.

Q4 may see highest revenue growth in 8 quarters for India Inc

MUMBAI: After several quarters of negative to low revenue growth, India Inc could expect a double-digit expansion as the results for the quarter ended March 2021 (Q4FY21) start rolling out in a few days. This sharp rise in revenues and profit would be due to a low base, supportive demand environment and strong cost reductions since the pandemic started a year ago, analysts said. According to a report by Crisil Research, India Inc is expected to report a jump of 15-17% in Q4FY21 revenues. The strong corporate numbers are expected to be reported mainly by the larger players, which displayed more resilience than mid and smaller corporates in dealing with the impact of the pandemic. However, this analysis of 300 top companies does not include those from banking, BFSI and oil companies.

Nifty Analysis: Tech View: Nifty s Long-Legged Doji on weekly chart suggests indecisiveness

Synopsis Aditya Agarwala of YES Securities said if the bulls manage to push Nifty beyond the 14,880-14,900 zone, the index can rise and test the 15,100-15,200 zone. Getty Images Chandan Taparia of Motilal Oswal Securities said Nifty has to decisively cross and hold above 14,880 level for a bounce towards 15,000 and 15,100 levels. NEW DELHI: Nifty50 on Friday formed a small bearish candle on the daily chart and a Long-Legged Doji on the weekly chart, suggesting indecisiveness among traders. The index has been failing to take out the immediate resistance at 14,900 level for some time, but has been trading above the key moving averages, suggesting more consolidation ahead.

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