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Orient Cement's net consolidated total income stood at Rs 722.24 crore in Q2 FY24, a growth of 16.47 per cent from Rs 620.11 crore it recorded in the similar quarter last year.
On the higher side, Nifty has got an immediate resistance around 19,600 levels, derived from the downward sloping trendline, adjoining the highs of September 15 and October 17, 2023.
"While Nifty has just about managed to get back near the nearest reaction high, it is still below the 14-day SMA. In contrast, both mid and small caps have raced higher with the former now exactly at the 62% retracement from the peak, while the latter has pierced even that is closing in on the record peak, which is just about 1.5% away."
Nandish Shah expects market to remain bearish for the short term. Traders are advised to remain cautious till Nifty closes above 19,700 levels.
Adani Group stocks trading weak in overall market; Adani Enterprises and Adani Ports top laggards. Adani Enterprises stock consolidating around crucial support; Adani Ports short term momentum weak.