Morning outlook 25th June 2024

Indian benchmark indices ended marginally higher in the volatile session on June 24. At close, the Sensex was up 131.18 points or 0.17 percent at 77,341.08, and the Nifty was up 36.70 points or 0.16 percent at 23,537.80.

Nifty opened gap down however recovered during the day and closed with gains of appx 37 points. On the daily charts the Nifty has been broadly trading in the range 23200 – 23700 since the last few trading sessions. Dips towards the lower boundary should be used as a buying opportunity with a Trailing stoploss of 23200. The hourly momentum indicator has triggered a positive crossover which is a buy signal. Thus, we shall continue to ride the upmove till there is weakness on the price front, so far it is trading above 23200 nifty will remain in buy on decline mode.

Nifty is facing short term Resistance at 23700/23900 and the support at 23,400/23200 levels, breaking 23000 this zone would trigger further momentum while sharp short covering would emerge above 24000 levels.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• RBI: January-March current account surplus at $5.7 bn, FY24 CAD at $23.2 bn, 0.7% of GDP, FY24 CAD at $23.2 bn vs $67.0 bn (YoY)
• FinMin to meet CEOs of PSBs on Tuesday, review progress of financial inclusion schemes
• Century Textiles acquires land in Manjri, Pune with estimated revenue potential of ₹2,500 crore
• Sun Pharma has successfully completed the merger of Taro Pharma with its subsidiary
• Swan Energy to acquire 49% equity of Triumph Offshore (TOPL) for ₹440 crore from Indian Farmers Fertiliser (IFFCO)
• Prosus sees zero value in BYJU’S, writes off its 9.6% stake
• Paytm partners with Skyscanner, Google Flights, and Wego to expand travel market share

Source: Moneycontrol, Economic Times,  Indian Express, Business Today, Livemint, Business Standard

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