On July 17, the market witnessed another impressive rally, marking its third consecutive session of gains. Barring Auto, buying momentum was spread across various sectors, which helped Nifty comfortably close above the 19,700 mark. Despite receiving mixed cues from global markets, the market opened slightly higher and continued to rise throughout the day, achieving new record levels.
NIFTY: The index opened 48 points higher at 19,612 and made a high of 19,731 before closing at 19,711. Nifty has formed another bullish candlestick pattern on the daily chart, making higher highs and higher lows for the third consecutive session. Its immediate resistance level is now placed at 19,800 while immediate support is at 19,500.
BANK NIFTY: The index opened 132 points higher at 44,951 and closed at 45,449. Bank Nifty has formed a long bullish candlestick pattern on the daily chart, with above-average volumes. Its immediate resistance level is now placed at 45,800 while support is at 45,000.
Stocks in Spotlight
▪ Sterling and Wilson Renewable Energy Ltd: Stock surged 15.6% as the company secured two new domestic orders and is expected to improve EBITDA margins by FY25E.
▪ Dr Reddys Laboratories Ltd: Stock gained 2.7% after the company signed a pact for buying a 26% stake in special purpose vehicle O2 Renewable Energy IX Pvt Ltd.
▪ Avenue Supermarts Ltd: Stock slipped 3.26% after the company reported a 140 basis points fall in EBITDA margins for the June quarter.
▪ On Monday, crude oil fell over 1% as concerns arose over the demand for oil in the world's second-largest consumer, China, due to weaker-than-expected economic growth.
▪ Asia-Pacific markets witnessed a decline as investors analysed significant economic data released by China. The country's second-quarter GDP growth stood at 6.3%, which fell short of economists' expectations.
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