Morning outlook 27th June, 2024

Nifty opened on a flat note and as the day progressed it gained momentum supported by Index heavyweights like Reliance, ICICI Bank & Axis bank and closed with gains of 147.5 points. On the daily charts the Nifty has witnessed follow-through buying interest after breaking out of the consolidation range on the upside.

We believe that the Nifty is likely to target levels of 24000-24200 from short term perspective. Any dips towards support zone 23700 – 23600 should be used as a buying opportunity. Short term momentum indicators are in sync so momentum is likely to continue.

The BankNifty index continued its strong momentum today also, just shy of the 53,000 mark where fresh call writing is visible. The undertone remains bullish, and a buy-on-decline approach is advisable with immediate strong support at the 52,600-52,400 levels. The index has witnessed aggressive put writing at lower levels, indicating strong support.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA

Domestic                                                                                                                                                  International
INR: Bank loan and Deposit growth on 28th June INR :  manufacturing PMI on 1st July 24 INR :  Parliament Session (24th June, 2024 to 3rd July, 2024).	USA-27th June US Q1 GDP USA-27th June Jobless Claims and 1st presidential debate

NEWS UPDATES

• Just a week after Vedanta Group Chairman Anil Agarwal told that there is no such plan to bring the stake down from the current level a subsidiary of Vedanta Resources Ltd., sold a 2.6% stake in Vedanta Ltd

 

• Govt. mulls 2-year exemption for 5 public sector banks from 25% public float, Uco,IOB, Central bank, P&S Bank and BoM

 

• Adani Total gets Petroleum and Natural Gas Regulatory Board nod to operating city gas distribution network in Jalandhar. With the latest update, the company now has 34 geographical areas

 

• Borosil Management stated that Have some expansion plans ahead, so repaid debt early. Will be debt free post this fund raise Will announce some capex by the end of year

 

• Ratings agency S&P has revised the outlook on Adani Ports & Special Economic Zone (APSEZ) to positive from its earlier rating of neutral

 

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

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