BOTH INDICES CLOSED WITH GAINS; MOVED VERY VOLATILE

NIFTY:

The NIFTY opened at 19802.95 with a gap up of 53 points. The index continued its upside momentum and started moving higher but soon found resistance around 19850.Prices formed a range there which broke on the downside quickly. A sharp decline came which brought prices to negative territory. However, the index could not sustain there long and moved higher. A rally started which lasted till the end. Prices have recorded its intraday low at 19727.45, its intraday high at 19851.50, and finally closed at 19833.15 with a gain of 83.90 points or 0.42% up. All the sectoral indices have closed higher except IT which ended with a minor loss. MEDIA led the bulls today by ending more than 1% followed by OIL GAS, BANK, FINANCIAL, and PHARMA. For the last few days, the index is moving very narrowly and volatile. However, prices are keeping their pace and closing higher. The Intermediate trend is up while the intermediate momentum has been moving inside the strength zone for the past few days. Both the momentum and trend have aligned on the upside suggesting higher levels may be ahead.

BANK NIFTY:

The BANK NIFTY opened at 45622.50 with a gap up of 210 points. The index could not sustain at the higher levels and moved down. Soon the decline found support and then prices started a process of consolidation. Prices found repeated resistance around 45650 and kept on moving sideways till the end. The index recorded its intraday high at 45707.40, its intraday low at 45433, and finally closed at 45668.20 with a gain of 256 points. PSU BANK has outperformed today, saw a sharp intraday rally, and closed with a gain of 1.95%. PVT BANK has also moved up today and closed with a gain of 0.39%. Within the index, in terms of points, INDUSIND BANK contributed the highest on the upside while ICICI BANK contributed the lowest. Support is now visible around 45000 while resistance is visible around 45900 – 46000 zone.

TECHNICAL PICKS

DERIVATIVE PICKS

Top Delivery Percentage

UPCOMING ECONOMIC DATA 

NEWS UPDATES

• Indian benchmark indices continued the winning run for the fifth consecutive session on July 19, amid buying across sectors. At close, the Sensex was up 302.30 points or 0.45 percent at 67,097.44, and the Nifty was up 83.90 points or 0.42 percent at 19,833.20.

• IndusInd Bank is looking at partnering with real estate developers and companies to ramp up its home loan portfolio, managing director and chief executive officer (MD & CEO) Sumant Kathpalia told Moneycontrol after announcing the bank’s Q1FY24 results in Mumbai on July 18.

• Shriram Group has decided to exit Shriram Properties, said two people aware of the development. It will sell its stake to M Murali, the chief executive officer of the property company, they said.

• Jaguar Land Rover-owner Tata Group on July 19 announced its ambitious plan to invest £4 billion in an electric car battery factory in the UK. This landmark project marks one of the most significant investments in the country’s automotive industry to date.

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

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