NIFTY AND NIFTY BANK CONTINUED RECORDING LIFETIME NEW HIGHS

NIFTY:

The NIFTY opened at 19406.60 with a gap up of 84 points. The index could not sustain at the higher levels and started drifting downwards from the opening tick. Prices found support around 19300, recorded its intraday low at the same place, and then bounced up sharply. The index rallied and crossed above 19400 again to record its intraday high at 19434.15.The NIFTY again moved down afterward followed by a consolidation process towards the end. The index finally closed at 19389 near its opening tick with a gain of 66.45 points or 0.34% up.IT led the bulls today as the sector gained over 1% followed by FINANCIAL and MEDIA. AUTO, OIL GAS, and REALTY underperformed today and ended with a loss FMCG and METAL ended without much of a change. The short-term trend is up and there is no doubt about it as the index is trading in uncharted territory. The NIFTY continued recording lifetime highs and closed higher for the sixth consecutive trading day. Support is now visible around 18900 which is also the breakout point of a trading range. There is no visible resistance as prices are moving in uncharted territory.

BANK NIFTY:

The BANK NIFTY opened at 45310.55 with a gap up of 134 points. The index initially moved lower, filled the gap, and then fall further to record its intraday low at 45000.25. Prices have bounced up from there, saw a sharp intraday rally, and moved above the early morning highs. The index further moved up and recorded its intraday high at 45655.50. Prices then saw a dip followed by a consolidation and finally closed at 45283.60 with a gain of 107 points. PSU BANK again outperformed today, saw a sharp upside move, and closed with a gain of 1.89% PVT BANK has moved sideways today and ended without much of a change. Within the index, in terms of points, KOTAK BANK contributed the highest on the upside while AXIS BANK contributed the lowest. The short-term trend is up. The index continued recording lifetime new highs for the fourth consecutive trading day and gained more than 1500 points in the last five trading days. After such a sharp move prices tend to move narrow and choppy. Support is now visible around 44500 while there is no visible resistance as the index is moving inside uncharted territory. We should wait for a dip or a brief consolidation to buy again.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA   

NEWS UPDATES

• Indices end at fresh closing highs for the fourth session, Nifty settles around 19,400. The Sensex was up 274.00 points or 0.42 percentat 65,479.05, and the Nifty was up 66.50 points or 0.34percentat 19,389.00. About 1,582 shares advanced, 1,826 shares declined, and 118 shares were unchanged.

• Shares of L&T Finance Holdings declined 5 percent after Kotak Institutional Equities downgraded the stock to ‘sell’ from ‘reduce’.

• PKH Ventures, the construction and development company, has failed to attract an overwhelming response from investors even on its final day of bidding, July 4. The offer has garnered bids for 1.65 crore equity shares against the IPO size of 2.56 crore equity shares, subscribing 65 percent.

• JPMorgan India’s Sanjay Mookim is sanguine about India’s long-term economic growth and feels that it will benefit from the consumption boom underpinned by income potential and a robust safety net for those at the bottom of the pyramid.

Source: Economic Times,  Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint

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