On July 14, the market maintained its upward trajectory, achieving new all-time highs, primarily driven by IT stocks. Influenced by positive international cues, the market opened on a positive note and remained relatively stable through most of the session. However, a surge in buying activities during the final hour propelled the benchmark indices to hit new record levels. There is a notable influx of robust foreign institutional investor (FII) inflows into the market, and investors are optimistic about the Federal Reserve potentially pausing its interest rate hikes later this month, given the moderation in US inflation.
NIFTY: The index opened 80 points higher at 19,493 and made a high of 19,595 before closing at 19,564. Nifty has formed a bullish candlestick pattern on the daily chart, with above-average volumes. Its immediate resistance level is now placed at 19,600 while immediate support is at 19,200.
BANK NIFTY: The index opened 195 points higher at 44,860 and closed at 44,819. Bank Nifty has formed a Hammer candlestick pattern on the daily chart after its recent downtrend, which is a bullish reversal pattern. Its immediate resistance level is now placed at 45,200 while support is at 44,500.
Stocks in Spotlight
▪ Angel One Ltd: Company reported a 21.6% year-on-year growth in consolidated net profit at Rs 220.8 crore for the June quarter.
▪ Patanjali Foods Ltd: Stock hit 5% upper circuit after its promoter, Patanjali Ayurveda, proposed to sell 2.53 crore equity shares or 7% stake in the company.
▪ Gland Pharma Ltd: Stock rose 2.8% despite the US FDA issuing one observation for its Hyderabad facility.
▪ On Friday, gold experienced a slight decline following five consecutive sessions of gains, driven by increasing speculation of a potential halt in US interest rate hikes. This positive sentiment propelled bullion towards its most substantial weekly increase since April.
▪ Asia-Pacific markets surged in response to the release of inflation data from the US, which revealed a milder-than-anticipated increase. This development fostered optimism among investors that inflation might decrease without negatively impacting the labor market.
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