Nifty Trading Zone: “Nifty after falling gap down has formed a hammer like pattern after a fall, suggesting possibility of an upward reversal. Advance decline ratio fell to much below 1:1 suggesting broad based profit taking in the markets. Nifty could remain in the 17405-17855 zone in the near term,”.
At 6.95%, retail inflation zooms to 17-month high: Sharpest jump in food prices in March
Costlier food items pushed the retail inflation to a 17-month high of 6.95% in March, much above the upper tolerance level of the Reserve Bank of India (RBI) and well beyond analysts’ expectations, according to government data released on Tuesday.
Credit Suisse cuts target price of TCS to Rs 4,350
Brokerage Credit Suisse has cut target price for the stock of IT consultancy TCS to Rs 4,350 apiece from Rs 4,600 a piece earlier. It has however maintained an Outperform rating. “We cut FY23E/FY24E EPS by 3-4% and introduce FY25E EPS of Rs 155. and we cut our TP to Rs 4,350 (from Rs 4,600) as we reduce TCS’ 12M forward P/E multiple to 30x from 33x earlier and roll forward our valuation to June-24 end. We reiterate our positive view on TCS,” the brokerage said.
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1 thought on “Nifty Could Remain in the 17405-17855 Zone in The Near Term”
European Central Bank (ECB) announced on Thursday that it left the key rates unchanged as expected. The bank reaffirmed that the net asset purchases under the Asset Purchase Programme (APP) are expected to conclude in the third quarter as planned. Eyes on ECB President Lagarde’s presser.