Today’s Market News :
* The Nifty 50 index is currently facing bearish trends, with experts recommending a ‘sell on rally’ strategy as it closed slightly below 24,400, marking its fourth consecutive day of losses.
* Key resistance levels for the Nifty 50 are identified at 24,500-24,600, while a break below 24,300 could lead to significant declines.
* The Bank Nifty, however, showed some resilience with a bullish candlestick pattern, indicating potential upward movement despite being below critical moving averages.
* The Nifty Pharma index advanced by 0.67% to 22622.25, showing resilience in a generally weak market.
* Top gainers in the index included Natco Pharma Ltd., Cipla Ltd., Laurus Labs Ltd., Sun Pharmaceutical Industries Ltd., and Alkem Laboratories Ltd., while Sanofi India Ltd. and Mankind Pharma Ltd. were among the top losers.
* Overall, 26 stocks in the Nifty index were trading positively, indicating a mixed sentiment in the broader market.
* Nvidia has formed a partnership with Reliance Industries, indicating a significant collaboration in the tech sector.
* ITC has reported impressive quarterly results, showcasing strong performance in its business segments.
* The article also highlights the scrutiny surrounding Alphabet’s Al deal and the challenges faced by Vodafone Idea in securing loans.
* Coal India is anticipated to report a significant decline in net profit for Q2 FY2025, with estimates suggesting a drop of up to 29% year-on-year due to lower volumes and e-auction prices.
* Analysts are particularly focused on management’s guidance regarding future volumes and e-auction premiums, which will be crucial for investor sentiment.
* Despite the expected decline, some analysts, like Motilal Oswal, predict marginal growth in profit after tax, indicating mixed expectations for the company’s performance.
