Morning outlook 2nd July, 2024

The markets began the week positively, gaining nearly half a percent, extending the ongoing uptrend. Starting flat, the Nifty gradually climbed and nearly reached Friday’s highs, closing at 24,125.30 levels.

Sector-wise, there was a mixed trend with IT, financials, and metals showing decent gains, while energy and realty dipped about half a percent. The broader indices performed well, with both midcap and small cap indices gaining approximately 1.5% which was underperforming in last few trading sessions.

Bullish Engulfing on the daily chart indicates the presence of a strong momentum to continue. The renewed strength in midcap and smallcap segments adds further positivity.

Going forward, there’s a possibility of consolidation in the benchmark index due to Q1 FY25 results and upcoming budget.

The immediate support is at 23900-24000, while the immediate resistance lies in the 24200-24350 zone.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Coal India June production up 8.9% at 63.1 mt vs 58 mt (YoY), offtake rises 5.4% at 64.1 mt vs 60.8 mt (YoY)

 

• Atual Auto Total sales up 107.4% at 2,628 units vs 1,267 units (YoY)

 

• Maruti Total sales up 12.4% at 1.79 lk units vs 1.59 lk units (YoY) also above street expectations

 

• NivaBupa Health Insurance Files DRHP For IPO, Fresh Issue Up To Rs 800 Cr, OFS Up To Rs 2,200 Cr

 

• L&T wins another offshore order from ONGC worth up to ₹2,500 crore

 

• Karur vysya bank Q1 Advances Up 16%, Deposits Up 14.4% & CASA Up 5.6% YoY

 

• HSBC India Jun manufacturing PMI 58.3 vs 57.5 in May

 

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

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