Trading strategy Financial News

NEW DELHI: As investors remain worried over the impact of merger, HDFC Bank shares have been underperforming with an 8% drop in the last one month. Ahead of the release of its Q2 earnings today, Anand James, Chief Market Strategist at Geojit Financial Services, says the present set-up doesn't convince a sustainable recovery. “Towards this end, we eye the prospects of rejection trades emerging this week, unless there is a close above Rs 1575/1612,” he says. Edited excerpts: Nifty saw some buying at lower levels last week. What would be your strategy going ahead as IT stocks are likely to see more downside pressure? Barring Infosys, IT stocks like TCS, HCL Tech and Tech Mahindra, which together form 11% of Nifty, seems to have found a base around their respective rising trendline supports hinting a bounce back. Towards this end, we do not expect IT stocks to be slowing down Nifty, but banks might.

Tata Consultancy Services (TCS) will announce its second-quarter earnings after market hours on Wednesday. While the performance scorecard will be closely watched, investor interest will be more in the share buyback program. On October 6, the software major said that its board of directors will consider and approve a plan to buy back shares of the company. Following the news, the stock hit an 18-month high of Rs 3,679 the next day.

Nifty Bank option contracts to Wednesdays from this week, derivative contracts of Nifty and Nifty Bank will no longer expire on the same trading day. Under the new rules, announced in July, Nifty Bank weekly index options will expire every Wednesday instead of Thursday from September 6. But for monthly and quarterly contracts of the widely-tracked banking index, there is no change and will continue to expire on the last Thursday of the expiry month. The split in expiry days of weekly and monthly contracts would mean that in September, the first three expiries would be on Wednesday and the last one (monthly) would be on Thursday. If Wednesday is a trading holiday, then the expiry day would be the previous trading session. The change in expiry may lead to change in strategy for some option traders, especially those who trade Nifty and Nifty Bank ratio strategies.

Trading can often seem like a perplexing puzzle, with traders scrambling to piece together crucial bits of information. With the rise of cryptocurrencies, the challenge has grown. But imagine if technology could simplify making sense of it all to see the bigger picture.

Wipro announces its Q1 earnings after market hours, investors are expecting the Bengaluru-based IT major to report report revenue decline of 2% quarter-on-quarter (QoQ) in constant currency (CC) terms — at the mid points of its guidance range of 1-3% QoQcc degrowth. All this despite June being a seasonally strong quarter and 30 bps cross-currency tailwinds. «We attribute the decline to broader weakness in financial services and high exposure to consulting services.

It’s Day Two of the Blockchain Economy Summit – the UK’s biggest gathering of crypto companies and blockchain entrepreneurs.

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Murtaza Merchant When people talk about cryptocurrencies, more often than not, they are referring to Bitcoin (BTC) and its extravagant price rise since the onset of the COVID-19 pandemic. Having almost doubled in value in 2021 alone, this popular cryptocurrency lost all gains in the first month of the new year and, unsurprisingly, invited the wrath of crypto skeptics again.

Ethereum Classic was gradually getting back to its feet after a torrid sell-off on 27 October erased 13% of its value and caused a single candlewick drop to 3-month low. Underpinned by a recuperating MACD and RSI, Ethereum Classic did regain footing above $50.