Strong institutional flows, healthy macros, positive global cues, and robust earnings growth drove the domestic market toward its new highs in the previous session. With the onset of the monsoon and RBI taking a rate pause, share market analysts expect market momentum to continue and remain buoyant.
“The bulls are in control however lack of decisiveness in the banking pack at the higher level is capping the momentum,” said Ajit Mishra, SVP - Technical Research, Religare Broking Ltd. Wipro, Bajaj Finserv, Bajaj Finance and Bajaj Auto among stocks to watch on Friday.
Wipro’s Rs 12,000 share buyback offer will close on Friday, June 30, 2023. The tech giant's buyback comprises 26,96,62,921 equity shares, being 4.91% of the total paid-up equity shares of the company. A floor price of Rs 445 per equity share was fixed for the buyback.
The boards of HDFC Bank and HDFC will meet on June 30 post-market hours to clear and approve the merger. The merger of the two entities will likely be effective from July 1 and, if certain formalities are completed in time, the record date for the same would be July 13.
Shares of Bajaj Finance and Bajaj Finserv will trade ex-dividend on Friday. The companies had declared final dividend of Rs 30 and Rs 0.8 per equity share respectively with their Q4FY23 results.
Bajaj Auto shares will trade ex-dividend today. The company has announced a final dividend of Rs 140 with its Q4FY23 results.
Shares of Bank of Baroda, and Can Fin Homes will trade ex-dividend on Friday. The companies had declared final dividend of Rs 5.5 and Rs 2 per equity share respectively.
Shares of Escorts Kubota, and Sona BLW will trade ex-dividend on Friday. The companies had declared final dividend of Rs 7 and Rs 1.53 per equity share respectively.
“The short-term trend of Nifty continues to be positive. Having surpassed above the crucial overhead resistance of 18,900 levels on Wednesday, there is a possibility of more upside towards 19,100-19,200 levels in the next few sessions before shifting into consolidation/minor weakness from the highs. Immediate support is at 18,830 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
“For Bank Nifty, on the upside, the immediate hurdle is now at 44,500, where call writing is visible. Once this level is surpassed, it is likely to lead to further upside towards the 45,000 mark. Traders and investors should adopt a buy approach, using the mentioned support level as a stop loss and waiting for higher levels to be achieved,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.
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