Markets began the week with modest gains

Markets began the week with modest gains, continuing the prevailing positive trend. After opening with a gap up, the Nifty traded within a narrow range throughout the day and closed at 23,557.90, up by 0.40%.

Sectoral performance was mixed, with gains in Realty, private banks, while pharma, metal, and FMCG sectors lagged. The broader indices maintained their positive momentum, reaching new record highs.

Nifty gradually moving towards the 24,000 level. Additionally, renewed strength in the banking index supports our bullish outlook which can support Nifty as weightage of financial stocks in nifty index is high

Nifty is facing Resistance at 23900/24000 and the support at 23,200/23000 levels, breaking this zone would trigger further momentum.

Sector specific Financial are looking good specially private banking space which is showing signs of reversals, companies like HDFC Bank, ICICI Bank are looking good and risk reward looks better from here which may help index to reach 24000+ kind of level in near term if these stocks manages to hold the gains in near term.

Reliance Industries is trading in a range and may witness a trading range breakout in near term a close above 3000 will trigger buying in this counter.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Rent Growth Cools As Housing Supply Surges Across Top Indian Cities: Bengaluru’s Whitefield and Noida’s Sector 150 emerged as the frontrunners, with 4% quarterly growth each in Q2 FY24.
• Craftsman Automation opens, sets floor price at ₹4,426.11/sh. Company seeks to raise up to ₹1,200 cr via QIP
• Jubilant Pharmova gets 15 observations from USFDA for Monetral unit
• Cipla’s UK arm to invest an additional €3 million in Ethris GmbH
• Radico Khaitan to bring Rampur Asava Indian Single Malt Whisky to India market, priced at ₹10,000
• GMR Airports May Update: May passenger traffic up 4% MoM & up 7% YoY, May aircraft movement up 3% MoM & up 6% YoY

Source: Moneycontrol, Economic Times,  Indian Express, Business Today, Livemint, Business Standard

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