Morning Outlook 11th July, 2024

Indian benchmark indices reversed their gains from the previous session and closed lower with the Nifty finishing below 24,350. The Sensex concluded the day down by 426.87 points or 0.53 percent at 79,924.77, while the Nifty dropped 108.70 points or 0.44 percent to 24,324.50 at closing.

Immediate support is noted at 24,250, with potential further declines towards 24,150-24,000 if this level is breached. Resistance levels are positioned at 24,350-24,500, with anticipation of short covering if the Nifty rises above 24,400.

In sectoral performance, the Auto index recorded the most significant decline, losing over 2 percent. Despite overall market weakness, selective buying interest was observed in FMCG and Pharma stocks. The top losers on the Nifty included M&M, Tata Steel, TCS, Hindalco Industries, and Hero MotoCorp, while gainers included Asian Paints, SBI Life Insurance, Divis Labs, HDFC Life, and Britannia Industries. The BSE midcap index fell by 0.2 percent, and the Smallcap index dropped by 0.7 percent.

The investors are closely monitoring the progress of the monsoon, the forthcoming Union budget which can have potential economic implications

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Adani Ports receives LoIfor maintenance of Berth number 13 at Deendayalairport. The company was awarded a letter of intent for a 30-year concession period for the development, operation, and maintenance of Berth number 13 at Deendayal Port.

• Life Insurers increase term insurance premiums. Key Reasons For Term Premium Hike is inflation adjustment .

• Berger Paints announces price hike of 0.7-1% effective July 22. Asian Paints had reported consumption demand moderating in FY24 on the back of retail inflation, particularly in the rural markets.

• GE Power India bagged an order worth Rs 7.67 crore from Mangalore Refinery .

• Glenmark Pharma to exit Glenmark Life, announces sale of its 7.84% stake in Glenmark Life via offer for sale (OFS)

• Zydus Life gets US FDA tentative approval for Diroximel Fumarate delayed-release capsules.

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

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