Morning Outlook 12th July, 2024

After experiencing initial intraday volatility and a sharp decline, the markets recovered most of their losses to close slightly lower, driven by selective profit-taking despite positive sentiment in global equities.

The Nifty showed considerable volatility throughout the day but ended almost flat. In the short term, the Nifty is likely to trade sideways, with key resistance and support levels at 24,200 and 24,140 respectively. A decisive break below 24,100 could lead to market panic, while a clear move above 24,400 might trigger a rally towards 24,600.

The Bank Nifty traded within a narrow range and is currently hovering around a crucial support zone of 52,000-51,600.

Sector-wise, Media and FMCG sectors performed well, while Realty was the major loser with a decline of 1.49%. Mid and Small cap held onto their gains from the opening and outperformed the Benchmark Index.

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

Q1 FY25 results would also dictate near term trend of the market, TCS reported inline with street expectations results on Thursday

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Goldiam International gets export orders worth ₹50 crore for manufacturing of lab-grown diamond studded gold jewellery, With this order, the company has aggregate booked order for manufacturing of diamond studded gold jewellery is of ₹150 crore

• DRDO awards development of radar signal processor project to Data Patterns

• UP Govt likely to issue clarification on category of hybrid cars to be exempt from road tax.

• Siemens said that the company’s consortium with Rail Vikas Nigam (RVNL) has secured an order from Bangalore Metro Rail Corporation (BMRCL) for electrification of Bengaluru Metro Phase 2 project.

• The Reserve Bank of India’s (RBI) Governor Shaktikanta Das on July 11 said it is too early to talk on the interest rate cut due to uncertain economic environment and inflation remaining closed to five percent.

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

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