THE NIFTY TAKES A U-TURN AFTER HITTING FRESH HIGHS

NIFTY:

The NIFTY opened at 19422.80 with a gap down of 75 points. The index bounced up sharply, filled the gap, and moved further up to record fresh lifetime highs above 19500.Prices did not sustain there long and started a V-Shaped decline after recording its intraday high at 19523.60. The NIFTY moved down more than 200 points with consolidation in between. The index recorded its intraday low at 19303.60 near the closing time and finally ended at 19331.80 near its day’s lows with a loss of 165.50 points or0.85% down MEDIA outperformed today by ending almost 4% higher followed by AUTO. The rest of the sectoral indices closed lower today led by FMCG and REALTY and followed by BANK and FINANCIAL. However, a sharp decline afterward forced the index to break its eight days of higher closing streak by ending near its lows with a loss. On the weekly timeframe chart, the index closed with gains but made a long upper shadow indicating confusion. Support is visible around 18900 while resistance may emerge around 19500.

BANK NIFTY:

The BANK NIFTY opened at 45118.05 with a gap down of 196 points. The index initially tried to move higher but failed to do so and started drifting downwards after a consolidation. Prices recorded its intraday high at 45227.25 and saw a sharp downside move. The decline stopped and then the index recovered and again moved down in the last hour of trading. Prices have recorded its intraday low at 44844.80 and finally closed at 44892.10 with a loss of 422 points. PSU BANK outperformed today, saw a sharp upside move, and closed with a gain of 0.9%. PVT BANK underperformed today, saw a sharp downside move, and ended with a loss of 1.10%. Within the index, in terms of points, BANK BARODA contributed the highest on the upside while ICICI BANK contributed the lowest. Support is visible around 44500 while resistance is visible around 45500. On the weekly timeframe chart, the index made a candle with a long upper shadow but closed with minor gains indicating confusion amongst the traders

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA   

NEWS UPDATES

• Benchmark indices ended lower on July 7 with Nifty around 19,300 amid selling across the sectors barring auto and PSU Banks. At close, the Sensex was down 505.19 points or 0.77% at 65,280.45, and the Nifty was down 165.50 points or 0.85% at 19,331.80. About 1457 shares advanced, 1912 shares declined, and 118 shares unchanged.

• Electronic manufacturing services and solutions provider Cyient DLM seems to be in great demand in the grey market as its shares traded with a 45 percent premium over the issue price of Rs 265 per share ahead of its listing next week, analysts said on anonymity.

• Drone maker Ideaforge Technology has recorded the best performance amongst the IPOs listed since November 2021, on its debut on July 7. The stock surged nearly 93 percent on a day when we saw a correction in the equity markets after their record highs.

• PVR INOX adds 15 screen in two cities; stock jumps 4%, With this, PVR INOX has a total of 456 screens in 102 properties in North India and 297 screens in 69 properties in Central India.

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

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