THE NIFTY CLOSED ABOVE THE 19000 MARK FOR THE FIRST TIME

NIFTY:

The NIFTY opened at 19076.85 again in uncharted territory with a gap up of 104 points. The index recorded its intraday low at 19024.60 in its Initial trades and bounced up. Prices have moved above 19100 and then started a consolidation process. Prices have seen a breakout on the upside and moved further up. The index reached 19200 and noticed a minor dip towards the end. The NIFTY rallied throughout the day and recorded its intraday high at 19201.70. Prices have finally closed at 19189.05 near its day’s highs with again of 216.95 points or 1.16% up. All the sectoral indices have closed with a gain except METAL which ended with a minor loss. AUTO and IT led the bulls today by ending more than 2% higher followed by PHARMA, BANK, and FINANCIAL. On the weekly timeframe, the NIFTY made a wide bullish candle. This week, the index rallied more than 500 points. After such a sharp move, prices tend to move narrow and choppy. We may see a brief consolidation or even a dip in the next week. That will be a buying opportunity. We should wait for the one. Intraday traders should look for buying only on dips and consolidation breakouts.

BANK NIFTY:

The BANK NIFTY opened at 44666 with a big gap up of 275 points. The index initially moved lower but bounced up before filling the gap. Prices have recorded its intraday low at 44447.20 and then moved higher. The rally was slow and modest which lasted till the end. Prices have recorded its intraday high at 44787.10 and finally dosed at 44716.95 with a gain of 325 points. PSU BANK outperformed today, saw a sharp upside move and closed with a gain of 2.06% PVT BANK has also moved up today and closed with a gain of 1.17% Within the index, in terms of points, HDFC BANK contributed the highest on the upside while ICICI BANK contributed the lowest. The short-term trend is up now. A trading range inside 43400-44500 finally broke on the upside and the index closed well above 44500 resistance. Also, the index recorded lifetime new highs. Support is now visible around 44000 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

• Benchmark indices ended higher on June 30 with Nifty around 19,200. At close, the Sensex was up 803.14 points or 1.26 percentat 64,718.56, and the Nifty was up 216.90 points or 1.14percentat 19,189. About 1,865 shares advanced, 1,543 shares declined, and 132 shares were unchanged.

• The boards of mortgage lender Housing Development Finance Corporation (HDFC) and private lender HDFC Bank have approved July 1 as the effective date of merger, and July 13 as the record date.

• Rajiv Jain’s GQG Partners has acquired fresh stake worth Rs 1,676 crore in Adani Transmission Ltd. on Friday.

• MG Motor India on Saturday reported 14% increase in retail sales at 5,125 units in June 2023 as compared to the same month last year. The company had posted a retail sales of 4,504 units in June 2022, MG Motor India said in a statement.

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

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