A GAP-UP OPENING DID NOT SUSTAIN

NIFTY:

The NIFTY opened at 19495.20 with a big gap up of 111 points. The index continued its bullish momentum and moved higher. The NIFTY opened at 19495.20 with a big gap up of 111 points. The index continued its bullish momentum and moved higher. Soon prices found resistance and formed a consolidation. The consolidation broke on the downside after prices recorded its intraday high at 19567. Prices have seen a steep fall afterward and erased almost all the gains. The index recorded its intraday low at 19385.80 and saw some recovery towards the end. The index finally closed at 19413.75 near its day’s lows with a gain of 29.45 points of 0.15% up. The IT sector outperformed today and ended with a gain of 1.75% followed by REALTY which ended 1% higher. MEDIA underperformed today and ended with a loss of 1.88% followed by OIL GAS which ended 1.17% lower. The short-term trend is up. It has to be up as the index is moving near its swing highs and recorded new lifetime highs at 19567. Support is visible around 18900 while resistance may emerge around 19500.

BANK NIFTY:

The BANK NIFTY opened at 45009.30 with a big gap up of 346 points. The Index continued its upside momentum and moved up. However, the rally was modest and soon found resistance around 45100. Prices started a consolidation and prices eventually broke on the downside. A decline started afterward that lasted till the end. The index recorded its intraday high at 45085.15, its intraday low at 44612.20, and finally closed at 44726.45 with a gain of just 66 points. PSU BANK underperformed, saw a sharp downside move, and closed with a loss of 2.38%. PVT BANK outperformed today, saw a mild upside move, but closed with a gain of just 0.02%. Within the index, in terms of points, ICICI BANK contributed the highest on the upside while FEDERAL BANK contributed the lowest. The index broke its four days of losing streak today. The support is visible around 44500 while resistance is visible around 45500.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA   

NEWS UPDATES

• Sensex and Nifty climbed to record highs on Thursday amidst encouraging inflation data from the US which investors believe will give Fed more incentives to hit a pause on future rate hikes. Sensex crossed the psychological mark of 66,000, while Nifty went above 19,500, but have pared gains in the second half but are still trading in the green.

• Bengaluru-based IT major Wipro saw its headcount decline for the third consecutive quarter, ending the June quarter with 8,812 fewer employees than the previous quarter. With this, the company’s headcount stands at 2,49,758. In contrast, during the same period last year, Wipro added 15,446 employees.

• India’s domestic air traffic in June rose 18.8 percent compared to the same month last year. Domestic airlines carried 1.24 crore passengers in June, data released by the Directorate General of Civil Aviation (DGCA) on July 13 shows.

• Angel One’s consolidated profit rose 21.6 percent year-on-year to Rs 220.8 crore for the quarter ended June 2023, compared with Rs 181.5 crore a year ago, on the back of strong client addition.

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

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