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.
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%
▪ 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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