After a series of six consecutive sessions with significant gains, the Nifty appears to have entered the consolidation zone. On July 5, the index traded within the previous day's range and closed marginally higher. The benchmark indices started the day on a flat note, mirroring the weakness in Asian markets. Throughout the session, the trading range remained narrow, lacking a clear direction.
NIFTY: The index opened 16 points higher at 19,405 and made a high of 19,421 before closing at 19,398. Nifty has formed an Inside Bar Pattern indicating consolidation on the daily chart. Its immediate resistance level is now placed at 19,500 while immediate support is at 19,300.
BANK NIFTY: The index opened 132 points lower at 45,169 and closed at 45,151. Bank Nifty has formed a Doji candlestick pattern on the daily chart, indicating a tug-of-war between the bulls and bears for further market direction. Its immediate resistance level is now placed at 45,500 while support is at 44,800.
Stocks in Spotlight
▪ Jindal Steel: Stock gained 2.5% after it was chosen to replace HDFC in Nifty 100 index.
▪ Paytm: Stock gained 2% after the company announced its first quarter business update for FY24. Merchant Payment Volumes (GMV) for the quarter grew 37% YoY to Rs 4.05 lakh crore.
▪ BHEL: Stock surged 7% after the company extended its gas turbine technology agreement with General Electric Technology GmbH Switzerland.
▪ Asia-Pacific markets saw broad declines as investors digested the release of private surveys on services activity across the region. Both Japan and China reported expansion in their services sectors for the month; however, the pace of growth showed signs of moderation.
▪ Foxconn, a prominent electronics manufacturer, reported a 14% decline in sales for the second quarter. However, the company's outlook for the third quarter appears more positive as it anticipates a brighter performance leading up to the year-end peak.
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