Dear
Trader…
Shrugging off the weak global market trend,
benchmark indices surged for the third consecutive session, with the BSE Sensex
gaining close to 1800 points and moving past the 64,700 mark for the first time
ever. On Friday, both Sensex and Nifty 50 clocked more than 1% gains and
scaled lifetime highs of 64768.58 points and 19201.70 points, respectively.
Nifty 50 settled at a record closing high
of 19273.15 points and Sensex at 64718.56 points. The rally from the
March lows has helped benchmark indices gain over 13%, and money managers see
this momentum sustaining in the near term.
Sustained Flows – A comeback
of FII faith in the Indian market is one of the key driving forces of the
current market rally. Inflows from foreign portfolio investors into
equities crossed $10 billion in the current financial year.
F&O Indicators – The
July derivative series has started on a high note, as data shows that the net
long positions of FIIs are higher than the short positions.
According to the provisional data, the
Nifty 50 July futures contract ended at a premium of 82 points to the spot
index, and open interest surged more than 11%, indicating a continued build-up
of long positions.
Sectoral Movement – Strong
gains in the information technology pack have contributed to the rise in
benchmark indices.
Automobile stocks were also among the best
performers in trade on Friday. The Nifty Auto index scaled a lifetime high of
15182.45 points.
Within the automobile pack, Mahindra &
Mahindra was the top gainer, with 4% gains, and the stock also hit a lifetime
high.Besides M&M, shares of Titan Company, Power Grid Corporation of
India, and Larsen & Toubro hit all-time highs.
Global Markets –
Asian equities remained largely subdued
after data released in China showed that factory activity slowed for the third
consecutive month in June. China’s official manufacturing PMI index was 49.0 in
June, compared to 48.8 in May and 49.2 in April. Meanwhile, equities in
Europe have started on a positive note, albeit with marginal gains.US
index futures were trading flat to marginally down, suggesting a muted start
for Wall Street later in the day.
Nifty
futures opened at 19082.00 points against the previous close of 19072.45 and
opened at a low of 19082.00 points. Nifty Future closed with an average
movement of 191.15 points and a rise of around 188.80 points and 19261.25
points…!!
On the
NSE, the midcap 100 index will rise 0.66% and small cap100 index is closing rise
0.42%.
At the
start of intra-day trading August gold opened at Rs.57980 fell from a high of
Rs.58020 points to a low of Rs.57792 with a decline of 93 points, a trend of
around Rs.57993 and JULY Silver opened at Rs.68299, fell from a high of Rs.68704
points to a low of Rs.67941 with a decline of 70 points, a trend of around Rs.68259.
Meanwhile, The lack of global support had restrained
the Indian indices from pursuing their record highs earlier, despite the
presence of a resilient domestic macroeconomic background. With positive
surprises assisting buoyancy in the global market and the advance of the
southwest monsoon, the domestic market succeeded in marching to new highs with
renewed strength. Global investor sentiments were uplifted by a favourable
revision in Q1 GDP, a fall in jobless claims, and the positive outcome of the
Fed’s US bank stress test.
Technically, the
important key resistances are placed in july Nifty future are at 19261 levels,
which could offer for the market on the higher side. Sustainability above this
zone would signal opens the door for a directional up move with immediate
resistances seen at 19303 – 19404 levels. Immediate support is placed at 19180 –
19009 levels.
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