During the week, we've seen an impressive rally in the stock market, driven by relentless buying. Although the day started on a flat note amid mixed signals from the global markets, the Nifty managed to gain momentum and move towards the significant milestone of 20,000 today, which also happens to be the weekly expiry day. The rally was supported by stocks from banking and financial services, FMCG sectors, and heavyweight stock Reliance Industries (RIL).
NIFTY: The index opened flat at 19,831 and made a high of 19,991 before closing at 19,979. Nifty has formed a long bullish candlestick pattern on the daily charts, with continuing higher highs and higher lows formation for the 6th consecutive session, which is a positive sign. Its immediate resistance level is now placed at 20,000 while immediate support is at 19,800.
BANK NIFTY: The index opened 20 points higher at 45,689 and closed at 46,186. Bank Nifty formed higher high and higher low formations, which is a bullish pattern that confirms the strength of the uptrend. Its immediate resistance level is now placed at 46,400 while support is at 45,800.
Stocks in Spotlight
▪ ITC Ltd: Stock was up nearly 3% as it became the 7th Indian listed company to cross the Rs 6 lakh crore market cap mark for the first time after its shares rallied over 48% so far this year.
▪ ABB India Ltd: Stock tumbled 6.5% after the Swedish automation major's order inflows declined 2% to $8,667 million as against $8,807 million in the same quarter last year.
▪ Dish TV India Ltd: Stock jumped 3.76% after reports suggested that JC Flowers ARC may sell its entire stake in the company.
▪ European Stoxx 600 index slightly increased by 0.2%. However, tech stocks experienced a decline of 2% due to disappointing US earnings results. On the other hand, mining stocks performed well, gaining 2% during this period.
▪ Asia-Pacific markets were mixed on Thursday as investors digested a slew of economic data across the region. China kept its one and five-year loan prime rates unchanged, days after China’s second quarter GDP came in below expectations.
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