Follow our LIVE blog for the latest updates on M&M EV announcement
Follow our News LIVE blog for the latest updates
Vinod Nair, Head of Research at Geojit Financial Services:
The Indian rally got stronger as crude prices corrected halving FIIs selling when compared to last week. However, this rally can fizzle out as correction in commodities prices & tightening monetary policy are negative for global economy, limiting earnings growth & valuation expansion. Q1 earnings season will be the prime focus of the market, in the near-term.
Amol Athawale, Deputy Vice President – Technical Research, Kotak Securities:
Positive momentum continued in the markets as investors are buying selectively with caution and not going overboard. Most of the negative news has the potential to make a comeback anytime and could trigger a broader sell-off in the markets.
Technically, on weekly charts the Nifty has formed a long bullish candle and has also surpassed the short term resistance of 16000.
In the short term now, 16000 and the 50-day SMA (Simple Moving Average) would be the key support levels to watch out for. The short term texture of the market is positive but slightly overbought. Hence strong possibility of range bound activity is not ruled out in the near future.
On the higher side, 16300/54800 and 16450 would be the key resistance zone, whereas 16100 and 16000 could be the sacrosanct support levels for the market.
Palak Kothari, Senior Technical Analyst at Choice Broking
Nifty continued the upside rally for 3rd consecutive day as Index opened on a positive note and managed to trade in green note and closed the session at 16220.60 level with a gain of 87.70 points.
On the technical front, the Nifty has been sustaining above the upper band of rising wedge formation which suggests strength for next day. Furthermore, the index has formed a bullish candle on a weekly time frame which suggests an upside rally.
Nifty has given closing above 21 & 50-DMA which points out strength for next trading session.
The Nifty may find support around 16100 levels while on the upside 16350 may act as an immediate hurdle crossing above the same can show upside rally. Overall, stock specific moment has been observed sustained above 16200 level can open the gate for 16500 levels.
Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas
The Nifty witnessed a smart recovery in the last week. On the way up, it crossed short term hurdles including the psychological mark of 16000. It filled up a gap area that was created during the June decline.
The index has now reached a crucial junction. It has reached its daily upper Bollinger Band as well as upper end of a rising channel.
In terms of the Fibonacci retracement, it has done little more than 61.8% of the June fall. Thus sustainability at this level will be crucial to determine further extension in the up move.
If the Nifty crosses July 08 high of 16275 then it can head towards 16500 in the short term. On the flip side, failure to hold above 16200 will allow a dip towards 16050-16000.
Rupee Close:
Indian rupee ended lower at 79.25 per dollar on Friday against Thursday’s close of 79.17.
Market Close: Benchmark indices ended on positive note on July 8 with Nifty above 16,200.
At close, the Sensex was up 303.38 points or 0.56% at 54,481.84, and the Nifty was up 87.70 points or 0.54% at 16,220.60. About 1859 shares have advanced, 1352 shares declined, and 146 shares are unchanged.
Larsen and Toubro, Power Grid Corporation, Tata Motors, NTPC and Coal India were among the top Nifty gainers. While losers included HDFC Life, ONGC, Tata Steel, JSW Steel and Maruti Suzuki.
On the sectoral front, except Metal all other indices ended in the green with Capital Goods and Power indices rose 1-2 percent.
BSE midcap and smallcap indices ended with marginal gains.
CLSA On Hindalco Industries:
Broking house CLSA has maintained buy rating on Hindalco Industries but cut target price to Rs 525 from Rs 580 per share.
The stock underperformance is overdone given relatively resilient earnings with Novelis saw stable growth even during low global growth, mainly in cans segment.
The production costs globally remain high, which could support LME.
CLSA see limited downside assuming sharp corrections in Novelis’ profitability & volumes, reported CNBC-TV18.
Fed moves toward another big rate increase as inflation lingers
Minutes from the Fed’s June meeting, released Wednesday, made it clear that officials are eager to move rates up to a point where they are weighing on growth.
BSE Power index rose 1 percent supported by the Power Grid, Tata Power, NTPC
Kotak Mahindra Bank acquires DLL India’s agri and healthcare equipment financing portfolio
Kotak Mahindra Bank has acquired the Agri and Healthcare Equipment financing portfolio of De Lage Landen Financial Services India
Private Limited (DLL India), a subsidiary of De Lage Landen International B.V., owned by Rabobank.
Kotak Mahindra Bank was quoting at Rs 1,745.90, up Rs 6.75, or 0.39 percent on the BSE.
