Morning Outlook 4th July, 2024

The upside momentum with range bound action continued in the market and the Nifty closed the day with another gain of 162.65 points. After opening with an upside gap of 168 points, the market moved up further and registered new all-time high at 24307 in the early part of the session. It later shifted into an 60 points intraday range.

The investors are closely monitoring the progress of the monsoon, the forthcoming Union budget which can have potential economic implications. Recent spikes in US Treasury yields and a gradual rise in crude oil prices are affecting market trends.

A small negative candle was formed on the daily chart with gap up opening at the new highs with minor lower shadow. Though, this market formation looks like a doji type pattern or a consolidation at new highs, but the underlying trend of the market remains positive.
Immediate support is at 24000-24150. The next upside resistance to be watched around 24350-24500.

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• •U.S. May Trade Deficit At $75.1 Bn Vs $74.5 Bn (MoM) Vs Estimate Of $76 Bn •After 8 Zika virus cases in Maharashtra, Health Ministry issues advisory to all states •Brigade ent. signs joint development agreement for residential project spread across 8 acres in Bengaluru.  Gross development value of the project is around ₹1,100 cr •GE T&D India gets order worth €26m from Grid Solutions Middle East FZE, Dubai •HSBC India June composite PMI 60.9 vs 60.5 in May • Source: Moneycontrol, Economic Times,  Indian Express, Business Today, Livemint, Business Standard

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