24, February, 2024
HomeBusinessQ3 Earnings Unveiling for ZEEL, HAL, GlaxoSmithKline Pharma, Honda India Power, and More on February 12

Q3 Earnings Unveiling for ZEEL, HAL, GlaxoSmithKline Pharma, Honda India Power, and More on February 12

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Over 480 Companies Set to Reveal Q3 Results on February 12

In the financial world, the spotlight is on as 482 companies, including heavyweights like Coal India Ltd, GlaxoSmithKline Pharmaceuticals Ltd, Hindustan Aeronautics Ltd, and Zee Media Corporation Limited (ZEEL), gear up to disclose their Quarter 3 earnings on February 12, as per the BSE schedule.

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Recent Market Highlights: On February 9, the BSE Sensex surged by 167 points, reaching 71,595, and the Nifty 50 climbed by 64 points to hit 21,783. This bullish movement was accompanied by a significant lower shadow on the daily charts, indicating a robust buying interest at lower levels. Notably, the index maintained its position above the 21-day EMA (exponential moving average) at 21,670, serving as immediate support.

Market Analysis: Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, commented on the market scenario, noting a subdued week at Dalal Street. Despite limited participation and cautious investor sentiment amid uninspiring monetary policies, there is a glimmer of optimism sparked by the S&P 500’s historic close above 5,000. Tapse provided technical insights, highlighting Nifty’s intraday support at 21557, with hurdles at the all-time high of 22127. Bank Nifty’s support stands at 44429, facing immediate hurdles at 46311.

Key Catalysts:

The upcoming release of India’s CPI and IIP numbers, coupled with the US January CPI, adds an extra layer of anticipation. The focus remains on corporate earnings and Q3 results, with a positive outlook for Nifty’s rally, aiming to revisit its all-time high.

Trading Insights:

Tapse suggests a trading range of 21500-22500 based on Nifty options data. For those looking to make strategic trades, buying Nifty at the current market price (CMP) with targets at 21907/22011 and Bank Nifty at CMP with targets at 46181/46893 could be lucrative.

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Additionally, Tapse recommends specific stocks – BANK OF BARODA, BHARAT FORGE, SIEMENS, and ADANI ENTERPRISES – that may present opportunities on intraday weakness. The top pick for an intermonth strategy is PNB (CMP 124), with a stop at 116.75 and targets at 129/135, following a higher high/low rationale.

With over 480 companies set to reveal their Q3 quarter results on February 12, the financial landscape is poised for excitement and potential market shifts. Investors and enthusiasts alike eagerly await the outcomes and the subsequent impact on the market.

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