“We are of the view that, 20-day SMA or 21,500/71,250 could act as a sacrosanct support level for the traders. Above the same, the pullback formation is likely to continue. Above which chances of hitting 21,720-21,760/71,900-72,100 would turn bright. However, below 20 day SMA or 21,500/71,250 the selling pressure is likely to accelerate. Below which, the market could slip till 21,400-21,355/71,000-70,800,” said Shrikant Chouhan of Kotak Securities.
Indian Bank Q1 Result: PAT jumps 24% to Rs 2,973 crore on lower NPA provisions
Indian Bank reported a 24% YoY rise in Q1 net profit to Rs 2,973 crore, aided by sharply lower NPA provisions. Asset quality improved, with