On July 10, the Indian stock market ended marginally higher amid a volatile trading session, led by index heavyweight Reliance Industries. Most sectors saw selling pressure except for metals and oil and gas. Despite a mixed global outlook, the market opened positively and continued to rise during the day. However, profit booking in the middle of the session erased the earlier gains. Although the market made a significant recovery later, it was unable to maintain the momentum and closed with a marginal rise.
NIFTY: The index opened 69 points higher at 19,400 and made a high of 19,435 before closing at 19,355. Nifty has formed a small bearish candlestick pattern, with minor upper and lower shadows on the daily chart. It can also be looked upon as an Inside Bar kind of pattern with respect to previous day's closing candle. The index's immediate resistance level is now placed at 19,500 while immediate support is at 19,200.
BANK NIFTY: The index opened 33 points higher at 44,958 and closed at 44,860. Bank Nifty has formed a bearish candlestick pattern, with small upper and lower shadows on the daily chart. Its immediate resistance level is now placed at 45,250 while support is at 44,500.
Stocks in Spotlight
▪ Reliance Industries Ltd: Stock surged nearly 4% after the Mukesh Ambani-led oil-to-telecom conglomerate fixed July 20 as the record date for determining the equity shareholders entitled to receive shares of Reliance Strategic Investments Ltd.
▪ SpiceJet Ltd: Stock gained nearly 2% after the company announced its plan to raise fresh capital through an issue of equity shares and/or convertible securities on a preferential basis.
▪ Servotech Power Systems Ltd: Stock fell 5% after fixing July 28 as the record date for the purpose of subdivision (split) of equity shares.
▪ Pan-European Stoxx 600 was up 0.2% by early afternoon, having reversed opening losses of around 0.3%. Travel and leisure stocks added 0.7% while basic resources shed 0.9%.
▪ Asia-Pacific markets traded mixed ahead of key inflation reports this week, including the US consumer price index report due Wednesday and the producer price index on Thursday.
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