Adani Ports, ITC, Patanjali Foods, Brightcom group, other stocks to watch on May 30, 2023

 The domestic benchmarks experienced a strong rally and came close to their lifetime highs in the previous session, primarily driven by positive global cues and robust predictions of domestic economic growth. An in-principle approval from US leaders for raising the U

Indian markets are seeing strong momentum driven by banking and other heavyweight stocks. Share market analysts expect the uptrend in Nifty to continue and expect it to head toward its life-high levels on the back of positive global cues, consistent FIIs buying, and healthy corporate earnings. Adani Ports, ITC, Patanjali Foods, Brightcom Group among stocks to watch on Tuesday.

Shares of ITC Ltd will turn ex-dividend today. While announcing its Q4FY23 results earlier this month, the board of ITC also announced a final dividend of Rs 6.75 and a special dividend of Rs 2.75 per equity share for FY23.

Shares of Adani Ports, Apollo Hospitals, Torrent Pharma, Mankind Pharma, Patanjali Foods, RHI Magnesita, Suzlon Energy, Lemon Tree Hotels, Welspun Corp, Brightcom Group will be in focus on Tuesday as the companies will report their Q4FY23 results. Some of these firms are also expected to announce dividends for FY23.

IPCA Laboratories Ltd posted a consolidated net profit of Rs 76.52 crore for the March quarter. This is a 41.3% fall from Rs 130 crore a year ago. The company’s consolidated revenue from operation rose by 17.3% to Rs 1,512 crore for the March quarter as compared to Rs 1,289 crore in the year-ago period.

Natco Pharma reported a consolidated net profit of Rs 275.8 crore in Q4FY23, as against a net loss of Rs 50.5 crore a year ago in the same period. The company's revenue climbed by 51.80% to Rs 926.9 crore as against Rs 610.6 crore during Q4FY22. Compared to the preceding quarter, the growth was massive by 82.3%.

AngelOne on Monday announced the final dividend of Rs 4 per share. The record date for the purposes of the Annual General Meeting and Final Dividend is June 16, 2023.

Healthcare provider Global Health (Medanta) on Monday said its net profit surged over fivefold to Rs 101 crore in Q4FY23, aided by increase in bed capacity and higher in-patient footfalls. Revenue in the reporting quarter rose 37% YoY to Rs 732 crore.

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Trade Setup for May 30: Nifty 50 set for new highs, but booking profits is not a bad idea

The Nifty 50 index is now just 290 points away from an all-time high of 18,888 after extending the positive start to the June series by gaining for the third day in a row on Monday. The index did reclaim the mark of 18,600 but failed to hold on to it in the final 30 minutes after staying above it for most parts of the day. The close of 18,598 is the highest in five months for the Nifty 50.

With Monday's gain, the Nifty 50 index has now gained in six out of the last seven trading sessions, It has now added 1,770 points in just over two months from the March 20 low of 16,828. The index did see profit booking at higher levels, as CNBC-Awaaz managing editor Anuj Singhal mentioned on Monday morning that booking profits would be prudent and that there is no point in chasing the last 100-150 points move.

Gaurav Bissa of InCred Equities believes that while the overall trend of the Nifty 50 remains strong, there can be some small amount of profit booking, courtesy the bearish harmonic deep crab pattern that has formed on the Nifty 50's hourly chart. Based on the options data, Bissa suggests 18,500 to be a strong support for the index.

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