Dear Trader…
IT stocks saved the day for bulls on Tuesday when
profit booking was seen in most parts of the domestic equity market. Before
ending with a 205-point gain, Sensex zoomed past the 67,000 mark for the first
time. Nifty, touched a fresh high at 19,819.
By ending 3.7% higher, Infosys was the top gainer
in the Nifty50 pack, followed by Asian Paints, HCL Tech and Reliance Industries.
On the other hand, LTIMindtree, HDFC Life, and SBI limited the upside with
losses of around 1-3% each.
Most major sectoral indices, including Nifty
Bank, ended in the red, with the exception of Nifty IT which ended 1%
higher.Volumes on the NSE were above recent averages. Broad market indices
ended marginally in the negative even as the advance-decline ratio fell to
0.69:1.
Global Markets –
Asian markets were mixed as investors were
struggling to find something positive after poor Chinese economic data. China’s
Hang Seng ended 2% down while Japan’s Nikkei managed to eke out a 0.32% gain.
The Indian rupee ended little changed at 82.03
against the dollar. The US dollar index hovered below the 100-mark near
15-month lows on expectations that the Fed rate hike cycle would likely pause
after July.
Back home, market participants would be eyeing
the earnings of Tata Communications and Mastek tomorrow. The IPO of Netweb
Technologies also closes tomorrow.
Shares of heavyweight RIL would be under the
radar as it would be the last day to buy the stock to be eligible to receive
shares of Jio Financial Services as part of a demerger plan.
Nifty futures opened at 19721.20 points against the previous close
of 19755.60 and opened at a low of 19707.00 points. Nifty Future closed with an
average movement of 117.90 points and a rise of around 49.35 points and 19770.55
points…!!
On the
NSE, the midcap 100 index will decline 0.14% and small cap100 index is decline 0.94%.
At the
start of intra-day trading August gold opened at Rs.59215 fell from a high of
Rs.59552 points to a low of Rs.59215 with a rise of 274 points, a trend of
around Rs.59409 and September Silver opened at Rs.75730, fell from a high of Rs.75650
points to a low of Rs.76044 with a rise of 370 points, a trend of around Rs.75937.
Meanwhile, A positive trend in the US markets
yesterday also contributed to the domestic benchmark indices optimism. The
global market construct continues to be favourable for the bulls. Healthy
consolidation can be the near-term trend.
Technically, the
important key resistances are placed in july Nifty future are at 19770 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 19880 – 19909 levels. Immediate support is placed at 19707 –
19606 levels.
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