India Inc. is gearing up for the second week of releasing October-December quarter results for the fiscal year 2023-24 (Q3FY24) on January 15. Several prominent companies, including Jio Financial Services, Angel One, PCBL, Choice International, Kesoram Industries, and more, are slated to announce their Q3 earnings on this date.
Notably, Jio Financial Services is taking the spotlight as it unveils its December quarter results, marking its second quarterly announcement since its listing in August 2023. As of January 12, the benchmark indices, BSE Sensex and Nifty 50, closed at record highs, showcasing the market’s robust performance.
Despite concerns about a potential global economic slowdown and recession fears, Indian companies demonstrated resilience by reporting strong quarterly results in the previous quarters of FY24. The performance in Q3 2024 continues to signal recovery in India Inc.
In the preceding week, stock adjustments and sectoral rotations, particularly in index-heavyweight Reliance Industries Limited (RIL), played a crucial role in maintaining support levels. However, the last trading session witnessed a significant contribution from IT giants, propelling the index to new highs. The breakout above the downward-sloping resistance trendline at 21,750 was particularly noteworthy.
Osho Krishan, Senior Analyst in Technical & Derivative Research at Angel One, highlights that the current market scenario is just a step away from the 22,000 milestone, with 22,100 being the potential target for the upcoming week. The structural setup supports this bullish momentum, and the 21,800-21,750 range is expected to act as a crucial support zone. Further support lies in the 21,600-21,500 zone.
The previous week witnessed a bullish trend, with Nifty reaching new heights, especially driven by strong participation from the IT sector. However, it is emphasized that the participation of heavyweight BANKNIFTY is essential to strengthen momentum in the upcoming week.
The overall market stance remains bullish, according to Krishan. Investors and analysts are closely monitoring the unfolding Q3 results and market dynamics to make informed decisions amid the evolving economic landscape.
