THE NIFTY CLOSED WITH SOME GAINS; BUT FAILED TO CROSS ITS LIFETIME HIGHS

NIFTY:

The NIFTY opened at 19427.10 with a gap up of 72 points. The index continued its bullish momentum and started moving higher after recording Its intraday low at 19406.45 in its initial trades. A sharp rally came which took the index above 19500. However, prices found resistance there and moved down after a consolidation breakdown. The index recorded its intraday high at 19515.10.A sharp decline brought prices to its opening tick. The index saw some up move towards the end and finally closed at 19439.40 near its opening tick with a gain of 83.50 points or 0.43% up. AUTO, FMCG, and PHARMA outperformed today by ending over 1% higher followed by OIL GAS FINANCIAL, BANK, and METAL under performed and ended lower. REALTY moved sideways today and closed without much of a change. The short-term trend is up. The intraday range was very narrow as prices have moved inside a range of just 109 points. Support is visible around 18900 while resistance may emerge around 19500.

BANK NIFTY:

The BANK NIFTY opened at 44998 with a gap up of 129 points. The index initially moved sideways and then broke on the upside. Prices have rallied but found resistance quickly and again started moving sideways. This time, the Index broke on the downside after recording its intraday high at 45139.55. Prices have seen a sharp decline and recorded its intraday low at 44663.05. The index finally closed at 44786.35 with a loss of 83 points. PSU BANK again underperformed, saw a mild downside move, and closed with a loss of 0.22 %. PVT BANK outperformed today and closed with a gain of 0.14% Within the index, in terms of points, IDFC FIRST BANK contributed the highest on the upside while HDFC BANK contributed the lowest. On the daily timeframe chart, the support is visible around 44500 while resistance is visible around 45500. For the past eight trading days, the index is moving within this 1000 points trading range.

TECHNICAL PICKS

DERIVATIVE PICKS

TOP DELIVERY PERCENTAGE

UPCOMING ECONOMIC DATA   

NEWS UPDATES

• Benchmark indices ended higher on July 11 with Nifty around 19450 amid buying across the sectors barring metal and PSU Banks. At close, the Sensex was up 273.67 points or 0.42% at 65,617.84, and the Nifty was up 83.50 points or 0.43% at 19,439.40. About 1892 shares advanced, 1496 shares declined, and 117 shares unchanged.

• Electronic manufacturing services and solutions provider Cyient DLM seems to be in great demand in the grey market as its shares traded with a 45 percent premium over the issue price of Rs 265 per share ahead of its listing next week, analysts said on anonymity.

• Indian conglomerate Vedanta Ltd’s London-based parent, Vedanta Resources, has been plagued by a rising debt pile. Some ratings agencies downgraded the company this year amid concerns about risks of a debt default.

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

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