Morning outlook 1st July, 2024

The markets traded within a narrow range throughout the day, closing nearly unchanged after a recent surge. The session saw profit-taking in key heavyweights that offset early gains, resulting in the Nifty settling around 24010.60 levels, down by 0.15%. Despite this, sectors like energy, pharma, and metal ended in positive territory, contributing to gains of around 0.5%-0.9% in broader indices.

Going forward, there’s a possibility of consolidation in the benchmark index due to Q1 FY25 results and upcoming budget. Banking stocks are currently consolidating, while sectors such as IT, energy, and FMCG are buoying the index higher.

India’s optimism about the upcoming budget and upgrade in GDP forecasts continues to provide momentum in the market. Large caps are in favour due to the come back of FIIs.

The BankNifty index experienced its first meaningful correction after a nonstop rally in the past week. The immediate support is at 52000-51800, while the immediate resistance lies in the 52800-53000 zone.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

Domestic                                                                                                                                                  International
INR :  manufacturing PMI on 1st July 24 INR :  Parliament Session (24th June, 2024 to 3rd July, 2024).	USD: ISM Mfg PMI on 1st July USD: Fed Chair Powell speaks on 2nd July

NEWS UPDATES

•India set to exceed target of attracting $100 billion investment in green hydrogen & electrolyser manufacturing –  world bank •Tata Consumer gets tax demand of Rs 171.83 crore from Income Tax Department •India turned net steel importer in the fiscal year that ended in March and the trend continues with its finished steel imports scaling a five-year high in April and May, according to provisional government data •Mumbai achieves 12-year high with over 11,400 property registrations in June 2024: Knight Frank India •VST Tillers had crossed a production milestone of 500,000 power tillers from its manufacturing plant at Malur – Benguluru in Karnataka. •Tata Steel Ltd. has raised the ante in its tussle with UK’s labor union over its decision to close blast furnaces in the Welsh town of Port Talbot by threatening legal action. •Source: Moneycontrol, Economic Times,  Indian Express, Business Today, Livemint, Business Standard

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

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