© Reuters.
The Indian stock market saw a rebound on Friday, after six days of decline, with the Nifty50 index closing above the 19,000 mark. This happened even though the Sensex fell by more than 600 points. The market saw buying interest in public sector stocks, utilities, energy and real estate, while consumer durables, metals and fast moving consumer goods (FMCG) stocks were on the selling side.
Shriram Finance was a standout performer, rising over 7% and breaking its all-time high with a breakaway gap. The company achieved its target and demonstrated strong support between 1700 and 1740. This suggests potential for a new bullish move after surpassing the 2031 level.
Canara Bank also posted significant gains, with its shares rising almost 6%. The bank outperformed its sector with strong reversal and solid volumes. It is positioned for a fresh breakout after clearing the hurdle at 388.
Reliance Industries (RIL) gained nearly 2% ahead of its second quarter results. Despite being in a downtrend within a descending channel structure, a reversal at channel support was observed for RIL. However, it is recommended to wait until RIL breaks the channel resistance at 2335 to establish a new long position.
InvestingPro Insights
In addition to the above analysis, let’s delve into some real-time data and advice from InvestingPro that could further improve our understanding of the companies analyzed.
Focusing on Shriram Finance (SHMF), two key tips from InvestingPro stand out. First, the company is a prominent player in the consumer finance industry, which aligns with the current boom in the sector. Secondly, Shriram Finance has steadily grown its earnings per share, suggesting healthy financial performance. For more information and advice on Shriram Finance, visit InvestingPro SHMF.
Turning our attention to Canara Bank (CNBK), the bank is characterized by consistently increasing earnings per share and its status as a prominent player in the banking industry. These factors likely contributed to its recent gains. For additional tips and information on Canara Bank, check out InvestingPro CNBK.
These InvestingPro tips are part of a larger collection of tips available with the InvestingPro product. With over 13 tips for Shriram Finance and 12 for Canara Bank, InvestingPro offers comprehensive analysis to help you in your investment decisions. For more information, visit InvestingPro Pricing.
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