Liquide Post-Market Summary 7th July 2023

After a continuous upward trend over the past two weeks, the Nifty experienced a decline of nearly 1% on July 7, due to selling pressure. The market was influenced by profit-booking activities following a significant rally of more than 4.5% since June 26. Sectors such as banking & financial services, FMCG, and technology had a negative impact on the market performance.

NIFTY: The index opened 75 points lower at 19,422 and made a high of 19,523 before closing at 19,331. Nifty has formed a bearish candlestick pattern, with a long upper shadow on the daily chart, indicating selling pressure at higher levels. Its immediate resistance level is now placed at 19,500 while immediate support is at 19,000.

BANK NIFTY:  The index opened 221 points lower at 45,118 and closed at 44,925. Bank Nifty has formed a bearish candlestick pattern on the daily chart, making a lower high formation for the third straight session. Its immediate resistance level is now placed at 45,300 while support is at 44,500.

Indices closing for 7th July 2023
Major Market Indices data
Nifty Gainers & Losers

Stocks in Spotlight

▪  Tata Motors Ltd:   Stock gained 2.9% after the company reported a strong jump in its Jaguar-Land Rover sales in the April-June quarter.

▪  Olectra Greentech Ltd:  Stock surged 17.96% after it bagged an order worth Rs 10,000 crore, bigger than its market cap, from the Maharashtra State Road Transportation Corporation.

▪  Ideaforge Technology: The Drone maker recorded the best performance amongst the IPOs listed since November 2021, on its debut on July 7, with a premium of 94%

Global News

▪  European Stoxx 600 index was up 0.1% in early afternoon trading, with sectors posting a mix of marginal gains and declines. Utility stocks logged the biggest losses with a 1.2% drop, while mining stocks were up 1.4%.

▪  Asia-Pacific markets marked a second day of declines after Wall Street sold off on stronger-than-expected US jobs data, leaving room for more rate hikes ahead by the Federal Reserve.

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