NIFTY RECORDED LIFETIME NEW HIGHS

NIFTY:

The NIFTY opened at 19246.50 with a gap up of 60 points in uncharted territory. The index recorded its intraday low at 19234.40 in its initial trades and bounced up. Prices have found intraday resistance around 19330 and then moved down. The decline found support around the opening tick and then the index turned up. Another leg of an upside move started and prices have recorded its intraday high at 19345.10. Prices have finally closed at 19322.50 near its day’s highs with a gain of 133.50 points or 0.70% up. OIL GAS led the bulls today as the sector gained 2.26%. FMCG, METAL, BANK, and FINANCIAL also did well today and ended nearly 1% higher. PHARMA, AUTO, and IT 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 in uncharted territory. Support is now visible around 18900 which is also the breakout point of a trading range. There is no visible resistance as prices are moving in uncharted territory. The index has been closing higher for the past five trading days. Prices have gained more than 600 points in the last four trading sessions. After such a sharp move, prices tend to move narrow and choppy. We may see a brief consolidation or even a dip. That will be a buying opportunity.

BANK NIFTY:

The BANK NIFTY opened at 44957.95 with a big gap up of 241 points. The index initially moved higher after recording the intraday low at 44882.10 in its initial trades. A sharp rally took place which lead prices to its intraday high at 45353.20. After that the index started moving sideways which lasted till the end and prices have finally closed at 45176.35 with a gain of 460 points. PSU BANK again outperformed today, saw a sharp upside move, and closed with a gain of 3.69%. PVT BANK has also moved up today and closed with a gain of 0.64%. Within the index, in terms of points, HDFC BANK contributed the highest on the upside while BANDHAN BANK contributed the lowest. The short-term trend is up. We have seen a range breakout last week which is giving us a pattern target around 45600. The index almost reached that level. The winning streak is continuing for the past five trading days and prices have moved more almost 2000 points. After such a sharp move, prices tend to move narrow and choppy. The index recorded lifetime new highs once again. Support is now visible around 44500 while there is no visible resistance. We should wait for a dip or a brief consolidation to buy again.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA   

NEWS UPDATES

• India’s benchmark stock indices held on to steady gains and ended at fresh life time highs on Monday. The headline indices continued their record moves from the previous week after logging the best week in over 11 months. Ahead of closing on Monday, Sensex jumped 0.81% to a record high of 65,240.57 points. Nifty 50, on the other hand, rose 0.77% to 19,936.10 points. Furthermore, Nifty Bank breached 45,000-mark to hit an intraday high of 45,353.20 points.

• India’s manufacturing activity continued to grow despite a modest downtick in June, reflecting sustained demand pick-up as the economy recovers. The India Manufacturing Purchasing Managers’ Index eased to 57.8 in June from 58.7 in May, according to IHS Markit. A print above 50 means expansion, while those below 50 indicate contraction.

• Tata Motors on Monday said it will hike prices of its passenger vehicles with effect from July 17. The company will increase prices of its passenger vehicles (including EVs) by an average of 0.6% across models and variants, Tata Motors said in a statement.

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

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