UPSIDE RALLY CONTINUED, NIFTY CLOSED HIGHER FOR THE EIGHTH DAY

NIFTY:

The NIFTY opened at 19385.70 with a gap down of just 13 points. The index bounced after recording its intraday low at 19373 in its initial trades and saw a sharp upside move. The rally took a pause around 19450 and then prices started a process of consolidation around that level. The range broke on the upside and the index rallied again. The upside move lasted till the end and the index recorded its intraday high at 19512.20. Prices have finally closed at 19497.30 near its day’s highs with a gain of 98.80 points or 0.51% up. REALTY and MEDIA led the bulls today and closed with a gain of over 2% followed by OIL GAS and AUTO. IT underperformed today and ended with a minor loss. FMCG and FINANCIAL closed without much of a change. Support is now visible around 18900 which is also the breakout point of a trading range. There is no visible resistance.

BANK NIFTY:

The BANK NIFTY opened at 45060.55 with a gap down of 137 points. The index initially moved higher, filled the gap, and then formed a consolidation. Prices have broken on the upside and then rallied further up. The index spent its second half moving sideways. Prices have recorded its intraday low at 45042.60, its intraday high at 45417.50, and finally closed at 45314.85 with a gain of 117 points. PSU and PVT BANKS both performed almost the same today, saw a mild up move, and closed higher by 0.73% &0.37% respectively. Within the index, in terms of points, AXIS BANK contributed the highest on the upside while INDUSIND BANK contributed the lowest. For the past four trading days, prices have been consolidating inside a narrow trading range. Since the range appeared after a sharp rally, we can assume it will break on the upside.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA   

NEWS UPDATES

• The Indian market’s record run continues, with the 30-pack Sensex closing at a new high and the Nifty surpassing another milestone of 19,500 on July 6, making up for the previous day’s muted performance. Buying across sectors saw the Sensex close 339.60 points or 0.52% higher at 65,785.64 and the Nifty was up 98.80 points or 0.51% at 19,497.30.

• Adani Green Energy has approved the proposal to raise Rs 12,3000 crore through a qualified institutional placement route on July 6. The news of the fundraising also lifted shares of Adani Green Energy over 2 percent higher during intraday trade.

• Eicher Motors share price fell over 2.2 percent on July 6, marking its third straight session of losses. The market capitalization of the company has eroded by Rs 11,300 crore during this period as investors fear Hero MotoCorp and Bajaj Auto to eat into the company’s moat.

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

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