Morning outlook 26th June 2024

Nifty traded within a range during the first half of the trading session, but selective buying in heavyweight stocks, particularly from the banking and IT space, spurred a sharp surge as the day progressed.

India’s benchmark Sensex and Nifty closed at fresh record all time highs led by gains in banking and IT stocks. The surge in markets comes a day after RBI presented data of the current account in the fourth quarter of the fiscal year 2023-24.

Nifty has finally surpassed the 23,600 hurdle after two weeks of consolidation, reaching a new record high. We maintain our positive outlook for the nifty and recommend buy on decline, Nifty is now targeting the next milestone of 24,000 next trigger for the market would be upcoming 1st Quarter results.

Nifty will face short term Resistance at 23900/24000 and the support at 23,600/23500 levels while sharp short covering would emerge above 24000 levels.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

NEWS UPDATES

• India’s external debt at end-March 2024 at $663.8 billion, an increase of $39.7 billion over its level at end-March 2023
• Shriram Finance does not see stress in rural financing, eyes growth in CV demand
• Shilpa Medicare: US FDA issues form 483 with zero observations for Bio Analytical Lab, Unit 7, Nacharam, Hyderabad.
• Tech Mahindra Board approves merger of arm Healthnxt Inc with parent company Tech Mahindra (Americas)
• ICICI Bank Mcap hits $100 billion today
• Hitachi energy receives order worth ₹790 cr from co’s Australia arm towards execution of Marinus Link project

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

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