BOTH INDICES MOVED HIGHER ON A WEEKLY EXPIRY DAY; RECORDED LIFETIME NEW HIGHS

NIFTY:

The NIFTY opened at 19831.70 without much of a gap. Initially, prices moved lower but found support quickly and turned up after recording its intraday low at 19758.40.The rally found resistance near the opening tick and then formed a consolidation. The trading range eventually broke on the upside and the index moved up sharply. Prices have inched towards the 20000 mark but were not able to touch that and recorded its intraday high at 19991.85. The index finally closed at 19979.15 with a gain of 146 points or 0.74% up. All the sectoral indices have closed higher today except IT which ended with a loss of over half percent. BANK, FINANCIAL, FMCG, and PHARMA outperformed today and led the bulls. The short-term trend is up. Support is visible around 19500 while there is no visible resistance as the index is trading in uncharted territory. However, we can assume that prices may become nervous around the historic 20000 mark.

BANK NIFTY:

The BANK NIFTY opened at 45689.05 with a gap up of just 21 points. The index started a consolidation process and eventually broke on the upside after recording its intraday low at 45640.95. Prices have started an upside rally which lasted till the end and took the index to its intraday high at 46256.20. The index finally closed at 46171.45 with a gain of 503 points. PSU and PVT BANK, both indices have performed almost the same today, saw an upside move and closed with a gain of 0.72% & 1.15% respectively. Within the index, in terms of points, ICICI BANK contributed the highest on the upside while BANK BARODA contributed the lowest. The short-term trend is up. Support is now visible around 45000 while there is now visible resistance as the index trading in uncharted territory.

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DERIVATIVE PICKS

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Upcoming Economic Data

News Updates

• India’s benchmark stock indices advanced for the sixth day to end a record close on Thursday. Nifty 50 index closed 21 points away from the 20,000 mark, where as Sensex rose above 67,600 level. Intraday, the Sensex rose 0.78% to scale a new high at 67,619.17 points and Nifty 50 advanced 0.80% to hit record high at 19,991.85 points.

• IT major Infosys ended the first quarter of FY24 with 6,940 fewer employees, making this the second consecutive quarter the company’s headcount has shrunk. With this, the company’s headcount stands at 3,36,294.

• Real Estate company Acres Buildwell Private Limited on July 20 withdrew its insolvency plea against low-cost airline SpiceJet. The plea was filed in National Company Law Tribunal (NCLT), Delhi.

• India’s second-largest IT company Infosys slashed its revenue guidance for the fiscal to 1-3.5% from 4-7%, amid an increasingly challenging demand environment.

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

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