Morning Outlook 5th July, 2024

The markets traded within a narrow range and ended nearly unchanged, pausing after Wednesday’s gains. After an initial rise, the Nifty fluctuated throughout the day and settled near its intraday lowest point at 24,302.15. Sector-wise, there was a positive trend with pharmaceuticals, IT, and automotive sectors seeing moderate gains, while FMCG and metals remained subdued. Nifty Small cap and Nifty Mid cap index outperformed the key major indices each gaining about half a percent.

Meanwhile, the broader market strength and specific sectoral buying opportunities suggest that traders should focus more on stock selection and utilize dip/consolidation to add quality names.

The investors are closely monitoring the progress of the monsoon, the forthcoming Union budget which can have potential economic implications. Recent spikes in US Treasury yields and a gradual rise in crude oil prices are affecting market trends.

Immediate support is at 24000-24150. The next upside resistance to be watched around 24350-24500.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Musk’s team hasn’t made any further inquiries with officials in New Delhi after the billionaire postponed a visit to India in late April, the people said, asking not to be identified because they’re not authorised to speak publicly.

 

• UCO Bank – Total Business Up 11.51% At ₹4.62 Lk Cr Vs ₹4.14 Lk Cr (YoY), Total Advances Up 17.78% At ₹1.94 Lk Cr Vs ₹1.64 Lk Cr (YoY), Total Deposits Up 7.39% At ₹2.68 Lk Cr Vs ₹2.50 Lk Cr (YoY)

 

• LIC raises stake in IDFC First Bank by 0.2% to 2.68% at ₹80.63/share via private placement offer

 

• Dredging Corporation gets maintenance contract worth ₹156.50 crore from Cochin Port Authority

 

• Zyduslife gets tentative approval from US FDA for Azilsartan Medoxomil tablets, Azilsartan Medoxomil tablets are used to treat high blood pressure

 

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

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