POST-MARKET SUMMARY 18 July 2023
![Liquide Post-Market Summary 18th July 2023](/content/images/size/w2000/2023/07/post-market-11.jpg)
On July 18, the Nifty extended its upward trend for the fourth successive session, surpassing the 19,800 milestone for the first time. This remarkable rally was primarily supported by IT stocks and heavyweight Reliance Industries. Although global cues were a bit mixed, the market opened on a strong note, hitting new record levels. However, during the second half of the day, profit-booking activities resulted in the erasure of a significant portion of the gains made intraday.
NIFTY: The index opened 76 points higher at 19,787 and made a high of 19,819 before closing at 19,749. Although the Nifty has formed a bearish candlestick pattern on the daily chart, it has continued to make higher highs and higher lows formation for four days in a row. Its immediate resistance level is now placed at 19,900 while immediate support is at 19,500.
BANK NIFTY: The index opened 305 points higher at 45,754 and closed at 45,410. Bank Nifty continued to make higher highs and higher lows formation for yet another session. Its immediate resistance level is now placed at 46,000 while support is at 45,000.
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Stocks in Spotlight
▪ Infosys Ltd: Stock surged nearly 4% after the company said that it had signed a multi-year agreement with one of its strategic clients to provide AI and automation-related services.
▪ One 97 Communications Paytm Ltd: Stock slipped 2.5% after SoftBank offloaded a 2% additional stake in the company.
▪ LTIMindtree Ltd: Stock fell nearly 3% after the company reported lower-than-expected earnings for the June quarter and a cautious growth outlook from the management dented investor sentiment.
Global News
▪ Oil prices rose slightly on Tuesday as investors weighed a possible tightening of US crude supplies against weaker-than-expected Chinese economic growth.
▪ The dollar drifted near a 15-month low against its major peers, as investors awaited fresh catalysts to gauge for downside in the wake of last week’s cooler-than-expected US inflation.
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