Consolidation Financial News

Disclaimer: This article is a paid publication and does not have journalistic/ editorial involvement of Hindustan Times. Hindustan Times does not endorse/ subscribe to the contents of the article/advertisement and/or views expressed herein. The reader is further advised that Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the views, opinions, announcements, declarations, affirmations etc., stated/featured in same. The decision to read hereinafter is purely a matter of choice and shall be construed as an express undertaking/guarantee in favour of Hindustan Times of being absolved from any/ all potential legal action, or enforceable claims. The content may be for information and awareness purposes and does not constitute a financial advice.

Prabhudas Lilladher has trimmed its 12-month Nifty target to 20,735 from 21,430 valuing the index at a 12 per cent discount to 10-year average PE (price to earnings ratio) of 20.7 times, and said that the coming months will be a real test for the economy and markets due to the EL Nino impact on inflation as food inflation and a feeble possibility of interest rate cut. The brokerage firm has trimmed the Nifty target primarily because of a cut in earnings and expects markets to consolidate ahead of the 2024 elections.

Vikas Khemani, Founder, Carnelian Capital Advisors, says: “I am fully convinced that India will see disproportionately large flows in times to come. In the last two years, we lost close to $40 billion as the interest rates were rising in US and emerging markets and so there was the outflow. But that is all set to reverse.

Stocks finished the week of August 11 lower as rates and the US dollar continued to climb. There isn’t expected to be much economic data this week, with retail sales being the highlight on August 15.

In line with what was anticipated in the previous weekly technical note, the Indian equity markets witnessed profit-taking bouts from higher levels along with spikes in the volatility that is hovering around one of its lowest levels of recent months. It was also expected that the current uptrend might stand disrupted and the markets may slip under corrective consolidation. The trading range again got narrower; against 499 points in the week before this one, the NIFTY oscillated in a 232.75 points range.

After announcing this month that it was moving to use a new brand name, Corient, for its U.S. wealth management unit, CI Financial Corp. said Thursday it was moving forward with a consolidation of separate offices in Boston, Chicago and Miami.

GAIL (India) Ltd broke out from a 2-year-long consolidation range on the weekly charts in July to hit a fresh 52-week high.After hitting the 52-week high of Rs 122 on 31 July, the stock failed to hold on to the momentum and is now trading above the upper trendline resistance of the consolidation range.GAIL stock price has been moving in the range of 30-40 points since June 2021, where Rs 110-114 acted as a stiff resistance on the upside.

Bharat Forge, part of the casting & forging industry, recorded a breakout from a 2-year consolidation phase on the weekly charts recently which could push the stock above Rs 1,000 levels in the next 2-3 months, suggest experts. The stock has been hovering in a narrow range where Rs 900-920 acted as a stiff resistance while on the downside levels above Rs 740 acted as crucial support on the weekly charts. The stock did witness a breakout earlier this week when it touched a record high of Rs 937 on 1st August 2023, but it failed to hold on to the momentum.

The XRP price has dipped by 1% in the past 24 hours, with its slide to $0.703057 coming as the cryptocurrency market as a whole barely moves today.

According to the CoinGecko report, the entire cryptocurrency market saw a slight increase of 0.14%, with the total market cap rising from $1.238 trillion on March 31, 2023, to $1.240 trillion on June 30, 2023. This period was characterized by a consolidation of gains, following the exuberance of Q1

US Federal Reserve hiked interest rates by 25 basis points (bps), in line with expectations. The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading higher at around 19,850 level as compared to Nifty’s previous close of 19,778.30.

Indian Hotels, part of the hotel industry, was seen consolidating in a narrow range since June 2023, but a firm close above 400-405 levels could push the stock to a fresh 52-week high.The scrip hit a 52-week high of Rs 405 on 19th June 2023 but failed to hold on to the momentum.

Alco-bev major United Breweries has consolidated in a 400-point range in the last 2 years and the stock bounced back after taking support at the lower end of the range in May on monthly charts, which suggests bulls are here to stay.Short-term traders with high-risk profiles can look at accumulating the stock as the risk-to-reward ratio looks favourable for a bounce back towards the resistance level.The stock has been moving in a range since

Granules India, a part of the pharma space, witnessed base formation above 200-EMA on the weekly charts in June, and is on the verge of a 6-month breakout from a consolidation range.Short-term traders can look to accumulate the stock in the range of Rs 305-315 for a near term target of Rs 360 in 1-2 months, suggested experts.The stock hit a 52-week high of Rs 381 on November 4, 2022, but failed to hold on to the momentum.

JSW Energy, part of the power industry space, has rallied over 14% in a week which led to a breakout on weekly charts from a 6-month (January-July) long consolidation.The momentum is on the upside, and short-term traders can look to buy the stock for a target of Rs 325 in the next few weeks, suggest experts.The stock rose from Rs 272 recorded on June 30th, 2023, to Rs 310 on 6th July 2023, an upside of nearly 14% in a week.

After rallying 10.5% this week, PSU bank stock Canara Bank is showing signs of a potential breakout from a long consolidation phase, says Rupak De, Senior Technical analyst at LKP Securities.“A bullish rounding bottom formation has been formed, further confirming the positive outlook for the stock. This pattern indicates a potential reversal in the trend from bearish to bullish,” says the analyst who has a target price of Rs 355 and Rs 370 on the counter.Edited excerpts from a chat:Nifty has now been scaling new peaks every other day. Are the charts giving overbought signs? On Thursday, the Nifty reached another all-time high after two days of consolidation, indicating a breakout in the upward direction.

FMCG behemoth Hindustan Unilever hit a fresh 52-week high in July, and the recent breakout from a consolidation suggests that the rally in the stock price may not be over yet.Short-term traders can look to buy the stock now or on marginal dips for a possible target of Rs 2,800 levels in the short term, suggest experts.The stock, which is also a part of the S&P BSE Sensex index, hit a 52-week high of Rs 2,760 on July 6, but witnessed some profit

V-Guard Ltd, a major household appliance maker, has staged a breakout from a 6-year consolidation on the weekly charts, which has opened room for the stock to head towards Rs 300 levels in 1-2 months, maintain experts.The stock rose over 10% in a month and the momentum pushed it to a fresh record high of Rs 290.90 on June 28. It, however, witnessed some selling pressure soon after.

On a ranged day of trade, the markets extended their gains as they ended yet another day at a lifetime high. The NIFTY opened positive and stayed positive throughout the day.

David Solomon is on a bit of a hot seat, which is curious from a stock market perspective.

Bitcoin, the leading cryptocurrency in the market, has been experiencing a period of consolidation, where its price has been range-bound and showing limited volatility.