Liquide Post-Market Summary 11th July 2023

On July 11, the markets managed to close in the positive territory in a rangebound session amid favorable global cues. The upward trend in the broader markets persisted, with midcap and small cap indices each recording gains of ~1%. India continues to make progress in various economic aspects, as evidenced by its robust direct tax collection figures. This further bolstered investor sentiment. Buying was seen in sectors such as automobile, capital goods, power, and FMCG.

NIFTY: The index opened 72 points higher at 19,427 and made a high of 19,515 before closing at 19,439. Nifty has formed a double-top formation, which indicates temporary weakness. Its immediate resistance level is now placed at 19,500 while immediate support is at 19,200.

BANK NIFTY:  The index opened 138 points higher at 44,998 and closed at 44,745. Bank Nifty is currently experiencing continued dominance from the bears, as selling pressure persists from higher levels. Its immediate resistance level is now placed at 45,200 while support is at 44,500.

Indices closing for 11th July 2023
Major Market Indices data
Nifty Gainers & Losers

Stocks in Spotlight

▪  Mazagon Dock Shipbuilders Ltd:   Stock surged 10% on expectations of new orders, which will help increase the company’s depleting order book.

▪  Premier Explosives Ltd:  Stock was locked at 20% upper circuit, as the company won orders worth Rs 552.3 crore from the Defence Ministry.

▪  Zen Technologies Ltd:  Stock surged 13%, as the company won a Rs 340-crore order in the export market.

Global News

▪  UK unemployment rate climbs from 3.8% to 4% in the three months to the end of April, as the economy struggles with high inflation.

▪  The dollar weakened to a two-month low on Tuesday after Federal Reserve officials signalled that the central bank was nearing the end of its tightening cycle.

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