THE NIFTY CLOSED LOWER; FINDING RESISTANCE AROUND 19500

NIFTY:

The NIFTY opened at 19497.45 with a gap up of 58 points. The index could not sustain at the higher levels and started drifting downward from its opening tick to fill the gap. Prices then started moving sideways with some volatile movement and eventually broke on the downside toward the end of today’s trading session. In the last 30 minutes of trading, the index moved down sharply. The NIFTY recorded its intraday high at 18507.70 in its initial trades, intraday low at 19361.75 towards the end of today’s trading session, and finally closed at 19384.30 with a loss of 55.10 points of 0.28% down. MEDIA PHARMA, and REALTY outperformed today and closed with gains. IT, FINANCIAL, and BANK underperformed today and ended lower. AUTO moved sideways today and closed without much of a change. The short-term trend is up. It has to be up as the index is moving near its swing highs and also near its lifetime highs. Support is visible around 18900 while resistance may emerge around 19500.For the past five trading days, the index made numerous attempts to break it but failed. Moreover, the index has locked itself in a tight narrow range of about just 200 points within the 19300-19500 zone.

BANK NIFTY:

The BANK NIFTY opened at 44872.60 with a gap up of 86 points. The index started moving volatile from its opening tick and saw multiple swing in both direction and moved sideways within a narrow range. That range broke on the downside towards the end and prices have seen a sharp fall. The index recorded its intraday high at 44937.25, intraday low at 44562.40, and finally closed at 44660.25 with a loss of 126 points. PSU BANK outperformed, saw a sharp upside move, and closed with a gain of 0.83 %. PVT BANK underperformed today, saw a mild downside move, and closed with a loss of 0.29%. Within the index, in terms of points, KOTAK BANK contributed the highest on the upside while HDFC BANK contributed the lowest. The support is visible around 44500 while resistance is visible around 45500 The index has come close to the support level. We should wait and see if prices are holding it or breaking it.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA   

NEWS UPDATES

• Benchmark indices ended lower in the volatile session on July 12 with Nifty below 19,400. At close, the Sensex was down 223.94 points or 0.34% at 65,393.90, and the Nifty was down 55.10 points or 0.28% at 19,384.30. About 1696 shares advanced, 1668 shares declined, and 139 shares unchanged.

• Tata Consultancy Services (TCS) reported 16.8 percent increase in net profit on a year-on-year (YoY) basis in the quarter ended June 30, 2023, driven by a strong growth in total contract value (TCV) deal wins despite a tough business environment.

• The Union Cabinet on July 12 approved amendments to the Mines and Minerals (Development and Regulation) Act to allow commercial mining of lithium and five more minerals, said sources aware of the development.

• Vedanta Limited is committed to make sizable investments across its businesses in the coming years, Chairman Anil Agarwal said on July 12. At the company’s annual general meeting (AGM) for FY23, Agarwal said the company will begin a foray into semiconductor and display fab this year, subject to the government approval.

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

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