Morning outlook 24th June 2024

Investors partially booked profit after a 6-session rally owing to weak global cues. While the fall was more severe in the mid-session, markets pared losses towards the end to end marginally lower amid weakness in banking, auto, oil and realty shares. The big event is the Union Budget in July and investors are pinning hopes on a market-friendly budget that would have a road-map on measures to boost economic activity and prop up the investment cycle.

Sensex & Nifty post minor gains, but up for 3rd straight week.  Nifty Bank posts biggest weekly gain of 2024, up more than 3 percent.  Nifty Bank records longest gaining streak in 19 months

Nifty is facing short term Resistance at 23900/24000 and the support at 23,400/23200 levels, breaking 23000 this zone would trigger further momentum.

The Bank Nifty maintained its upward journey and closed above 51600 levels and in between touched high of 51957 during the week.  Weekly closing is looking very good and if it manages to maintain its upward momentum we can expect outperformance form theis sector

Pvt Banks are looking good on charts like ICICI Bank, Axis bank and HDFC Bank

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• Railway platform tickets, retiring rooms, waiting rooms, cloakroom services, and hostels for students outside educational institutions are now exempted from GST
• GST on solar cookers, carton boxes, and milk cans has been uniformly reduced to 12%.
• US PMIs beat estimates, with both manufacturing & services PMI surprising to the upside
• Vedanta Stake Sale Update: Parent company ‘strongly denies’ any such plan
• India’s forex reserves dropped by $2.922 billion to $652.895 billion for the week ended June 14, the Reserve Bank said on Friday.

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

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