Morning Outlook 9th July, 2024

Indian benchmark indices ended flat in the volatile session on July 8. At close, the Sensex was down 36.22 points or 0.05 percent at 79,960.38, and the Nifty was down 3.30 points or 0.01 percent at 24,320.50. The Nifty remained range-bound during the day, as market participants appeared to be in no hurry to decide the market’s direction. Support remains at 24,180, and a fall below this level might weaken the strength of the bulls. Until then, buying on dips should be approach. On the higher end, resistance is seen at 24,350- 24,400. Above 24,400, the index might move towards 24,600.  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.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

 

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Japan’s net sale of foreign bonds in June biggest in two years

• CGPower appoints Amar Kaul as MD & CEO for 5 years effective July 25

• Tata Consumer Products Limited (TCPL) will continue to invest in its brands and accelerate the growth momentum of the core businesses, tea, coffee and salt, the company’s annual report said.

• ICICI Prudential Life Insurance’s Q1FY25 new business premium rises 23.5% YoY

• Accel and Flipkart-backed Zinka Logistics files DRHP with Sebi for IPO

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

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