The Nifty50 index rose 74 points to close at 22,196. It hit a fresh record high of 22,251 intraday. The S&P BSE Sensex rallied more than 300 points. Sectorally, buying was seen in banks, realty, power and utilities while IT, auto and metal stocks saw some selling pressure.
On the weekly options front, the maximum Call OI is placed at 19500 and then towards 19600 strikes while the maximum Put OI is placed at 19400 and then towards 19300 strikes.
The company recorded consolidated revenue of Rs 552.5 crore and EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of Rs 164.9 crore in Q2.
“The price action demonstrates an inability to sustain higher levels, curtailing the scope for significant upward movements. This pattern indicates a market environment where caution and strategic planning are crucial, considering the challenges posed to sustaining profitable long positions,” he says.
The company reported an EBITDA of Rs 180 crore up 53.1 percent YoY. In FY23, the company reported the highest-ever revenue income making it a record year for the hotel chain