BOTH INDICES MOVED VERY VOLATILE AND CLOSED WITH LOSSES

NIFTY:

The NIFTY opened at 19800.45 with a big gap down of 179 points. The index initially moved higher and tried to fill the gap but failed to cross above 19900 and found strong resistance there. A consolidation just below 19900 broke on the downside after prices recorded its intraday high at 19887.40. Prices have seen a steep fall of more than 150 points and recorded its intraday low at 19700.In the last 30 minutes of trading, prices have seen some recovery of about 70 to 80 points and finally, the index closed at 19745 with a loss of 234.15 points or 1.17% down. All the sectoral indices have closed lower today except MEDIA and AUTO. The IT sector underperformed today and lost more than 4% followed by FMCG, METAL, and OIL GAS. The short-term trend is up. However, after a recent sharp upside rally, the index is now witnessing some profit-taking just below the 20000 mark. Support is visible around 19500 while we can assume that prices may become nervous around the historic 20000 mark.

BANK NIFTY:

The BANK NIFTY opened at 46063.95 with a gap down of 108 points. The Index initially moved higher but soon found resistance and turned down after recording its intraday high at 46369.50. Prices moved down sharply and then bounced up after recording its intraday low at 45925.90. These sharp swings continued till the end and the index finally closed at 46133.45 with a loss of just 38 points. PSU BANK outperformed today, saw a mild up move, and closed with a gain of 0.25% PVT BANK underperformed today, saw a down move, and closed with a minor loss of 0.19% Within the index, in terms of points, ICICI BANK contributed the highest on the upside while HDFC BANK contributed the lowest. The short-term trend is up. Support is now visible around 45000 while there is no visible resistance as the index trading in uncharted territory

TECHNICAL PICKS

DERIVATIVE PICKS

Top Delivery Percentage

Upcoming Economic Data

News Updates

• Benchmark indices ended lower on July 21 with Nifty below 19,800. At close, the Sensex was down 887.64 points or 1.31 percent at 66,684.26, and the Nifty was down 234.20 points or 1.17 percent at 19,745. About 1578 shares advanced, 1725 shares declined, and 117 shares unchanged.

• Commercial vehicles maker Ashok Leyland Limited on July 21 reported a 747 per cent year-on-year (YoY) jump in its standalone net profit for the quarter ended June to Rs 576.42 crore. During the same period last year, the flagship company of the Hinduja Group posted a net profit of Rs 68.05 crore.The company’s revenue from operations grew 13.39 per cent to Rs 8,151.96 crore from Rs 7,189.20 crore in Q1 FY 2023.

• UltraTech Cement on July 21 reported a net profit of Rs 1,690 crore for the April-June quarter, up 6.8 percent YoY (year-on-year) from Rs 1,582 crore reported in Q1FY23. Sequentially as well, the net profit was up by 1.19 percent from Rs 1,670 crore reported in Q4FY23.

• IT stocks may have found their bottom with Nifty IT at 26,180 levels and may not crash to new lows, according to Rohit Srivastava, a veteran investor, trader and founder of Indiacharts.

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

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