After two weeks of recovery, the Nifty took a respite and managed to retain the important 19,500 zone with a drop of more than 1% in the week ending October 20.
Market conditions will remain unpredictable as long as global uncertainty remains, as evidenced by technical charts. In terms of levels, the bullish gap of 19,490-19,450 provides immediate support, followed by 19,400, while any breach might disturb the current picture, and the previous swing low of 19,333 would become quite close.
On the higher end, 19,700-19,750 is projected to operate as an immediate barrier, followed by the difficult resistance of 19,850-19,880 (bearish gap), and an authoritative breach might only re-strengthen the bulls’ D-Street momentum.
Going forward, we would likely stay cautious in the face of the current geopolitical environment, which might be misleading and trap traders on either side. As a result, one must closely monitor the aforementioned levels while also keeping up with geopolitical happenings.
Zydus Lifesciences’ New Drug Application (NDA) for ZITUVIO (Sitagliptin) tablets, 25 mg, 50 mg, and 100 mg, has been authorized by the US Food and Drug Administration (FDA). Sitagliptin, a dipeptidyl peptidase-4 (DPP-4) inhibitor, is the active component in ZITUVIO and is approved as an addition to diet and exercise to enhance glycemic control in persons with type 2 diabetes mellitus.
The JSW Group firm increased its consolidated profit by 82.6% year on year to Rs 850.2 crore for the quarter ended September FY24, owing to a strong contribution from the acquired renewable energy portfolio, merchant sales, and hydro truing up impact. Revenue from operations increased by 36.5% year on year to Rs 3,259 crore for the quarter, owing to increased revenue from renewable, portfolio, and good thermal performance in a healthy merchant market. With effect from October 20, Ashok Ramachandran has been named as the company’s Chief Operating Officer.