BOTH INDICES RECORDED LIFETIME NEW HIGHS; ENDED ALMOST ON A FLAT NOTE

NIFTY:

The NIFTY opened at 19787.50 with a gap up of 76 points. The index initially moved lower but quickly turned around and rallied to find resistance just above 17800.Prices recorded its intraday high at 19819.45, formed a range, and eventually broke on the downside. The Index then saw a sharp intraday decline and recorded its intraday low at 17690.20. The NIFTY spent the rest of the day moving sideways inside a tight narrow range and finally closed at 19749.25 near yesterday’s closing price with again of just 37.80 points or 0.19% up. All the sectoral indices have closed lower today except IT and OIL GAS. IT ended more than 1% higher. MEDIA under performed today by closing 1.84% down followed by METAL and REALTY. The short-term trend is up. The index continued recording lifetime new highs and closed at record levels. Support is now visible around 19500 while there is no visible resistance. We should look for buying opportunities only.

BANK NIFTY:

The BANK NIFTY opened at 45754.80 with a gap up of 252 points. The index initially moved higher but could not sustain long there and started drifting downwards after recording its intraday high at 45905.85. Prices have seen a sharp decline in the afternoon and recorded its intraday low at 45281.30. The index then moved sideways till the end and finally closed at 45412 with a loss of 90 points. PSU BANK has underperformed today, saw a sharp intraday decline and closed with a loss of 1.23% On the other hand, PVT BANK moved sideways today and ended without much of a change. Within the Index, in terms of points, ICICI BANK contributed the highest on the upside while SBIN contributed the lowest. A gap-up opening did not sustain and the index ended with a loss. Support is now visible around 45000 while there is no visible resistance. If prices again moved lower today then recent high may act as a resistance. We should look for buying only as the short-term trend is up.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA 

NEWS UPDATES

• The Indian equity markets continued their northbound journey on fourth straight session on July 18, with the Sensex and Nifty crossing 67,000 and 19,800 respectively, amid buying seen in the information technology, power and capital goods stock. At close, the Sensex was up 205.21 points or 0.31 percent at 66,795.14, and the Nifty was up 37.80 points or 0.19 percent at 19,749.30.

• Polycab India Ltd jumped near 6 percent on July 18 after the company reported a 81-percent jump in its June quarter net profit that beat analysts’ estimates. At 2.35pm, the stock was trading at Rs 4,126 a share on BSE, up 5.5 percent from its previous close.

• Polycab India Ltd jumped near 6 percent on July 18 after the company reported a 81-percent jump in its June quarter net profit that beat analysts’ estimates. At 2.35pm, the stock was trading at Rs 4,126 a share on BSE, up 5.5 percent from its previous close.

• IndusInd Bank on July 18 reported a net profit of Rs 2,124 crore for the April-June quarter, which marks a 33 percent jump as compared to Rs 1,631 crore clocked in the year-ago period. The net profit, at Rs 2,124 crore, is almost in line with the CNBC TV-18 poll estimate of Rs 2,127 crore.

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

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