NIFTY CONTINUED CLOSING HIGHER FOR THE SEVENTH DAY

NIFTY:

The NIFTY opened at 19405.95 with a gap up of just 16 points. The index made an attempt to rise but failed to hold onto the higher levels and moved down. Prices could not go down much and found repeated intraday support around 19350. The index then formed a consolidation and moved sideways. Prices have seen a sharp rally in the last 30 minutes of trading. The NIFTY recorded its intraday low at 19339.60, intraday high at 18421.60, and finally closed at 19398.50 near its opening tick as well as yesterday’s closing price with a gain of just 9.50 points or 0.04% up. AUTO, FMCG, and MEDIA led the bulls today and closed with a gain of over 1% followed by OIL GAS and PHARMA BANK and FINANCIAL underperformed today and ended with a loss. The short-term trend is up and there is no doubt about it as the index is trading near its swing highs. However, the last two days have formed a pattern called DOJI which means indecision. Support is now visible around 18900 which is also the breakout point of a trading range. There is no visible resistance. Intraday traders should look for buying only on dips and consolidation breakouts.

BANK NIFTY:

The BANK NIFTY opened at 45169.70 with a gap down of 114 points. The index initially moved higher, filled the gap, and then rallied further to record its intraday high at 45418.90. Prices have drifted down from there, saw a mild decline, and recorded its intraday low at 45073.40. Prices have seen some recovery in the last 30 minutes of trading and finally closed at 45197.30 with a loss of 86 points. PSU BANK again outperformed today, saw a sharp upside move, and closed with a gain of 1.03% PVT BANK has moved sideways today and ended without much of a change. Within the index, in terms of points, ICICI BANK contributed the highest on the upside while HDFC BANK contributed the lowest. The short-term trend is up. However, prices are making a pattern of DOJI for the last two days and also made a pattern of Inside Day. All these patterns are a sign of indecision amongst the traders which should resolve soon one way or the other.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA   

NEWS UPDATES

• Indian benchmark indices ended flat in the volatile session on July 5. At close, the Sensex was down 33.01 points or 0.05% at 65,446.04, and the Nifty was up 9.50 points or 0.05% at 19,398.50. About 1929 shares advanced, 1481 shares declined, and 119 shares unchanged.

• Maruti Suzuki rolls out Invicto MPV with introductory price of Rs 24.79 lakh, ex-showroom. The badged engineered version of the Toyota Innova Hycross will be retailed across 600 Nexa retail outlets. Bookings for this model kicked off on June 19.

• ITC share price gained over 2.5 percent on July 5 and hit a fresh 52-week high as sources told CNBC-TV18 that the process for demerging the hotel business is underway.

• Senco Gold has received good response from investors, especially retail and high net-worth individuals, with 2.3 times subscription through bids for 2.16 crore equity shares against an IPO size of 94.18 lakh on July 5, the second day of bidding.

Source: Economic Times,  Indian Express, Business Today, Livemint, Business Standard, Bloomberg Quint

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