POST-MARKET SUMMARY 21 July 2023
On July 21, the Nifty fell over 1%, breaking a streak of seven consecutive sessions of gains and ending its record-high run. Today's fall was primarily driven by a significant drop in technology stocks, with Infosys being the main contributor. The company's quarterly earnings report prompted a reduction in its full-year revenue growth forecast, which had a notable impact on the overall market sentiment, leading to the downward trend in the index.
NIFTY: The index opened 179 points lower at 19,800 and made a high of 19,887 before closing at 19,745. Nifty has formed a bearish candlestick pattern on the daily chart for the first time in a couple of weeks. Its immediate resistance level is now placed at 20,000 while immediate support is at 19,700.
BANK NIFTY: The index opened 123 points lower at 46,063 and closed at 46,075. Bank Nifty formed a Doji kind of candlestick pattern on the daily chart, indicating indecisiveness among bulls and bears about future market trend. Its immediate resistance level is now placed at 46,300 while support is at 45,800.
Stocks in Spotlight
▪ PVR Inox Ltd: Stock gained nearly 4% as the company launched its 12-screen cinema theatre in South Bengaluru.
▪ Persistent Systems Ltd: Stock fell nearly 6%, a day after the Pune-based IT company reported 9% sequential fall in net profit at Rs 228.8 crore for the quarter ended June.
▪ Larsen & Toubro Ltd: Stock gained nearly 4% after the company announced its first share buyback in its history.
Global News
▪ Pan-European Stoxx 600 was unchanged by early afternoon. Mining stocks shed 1.6% while oil and gas stocks added 0.7%.
▪ Gold prices advanced to their highest level in about two months on Thursday, driven by US dollar’s weakness and growing expectations that the Federal Reserve would conclude its aggressive rate-hiking cycle at its meeting next week.
This document has been issued by Liquide Solutions Private Limited for information purposes only and should not be construed as
i) an offer or recommendation to buy or sell securities, commodities, currencies or other investments referred to herein; or
ii) an offer to sell or a solicitation or an offer for the purchase of any of the baskets of Liquide Solutions; or
iii) investment research or investment advice. It does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. Investors should seek personal and independent advice regarding the appropriateness of investing in any of the funds, securities, other investment, or investment strategies that may have been discussed or referred to herein and should understand that the views regarding future prospects may or may not be realized. In no event shall Liquide Life Private Limited and / or its affiliates or any of their directors, trustees, officers and employees be liable for any direct, indirect, special, incidental or consequential damages arising out of the use of information/opinion herein.
With Liquide, you can explore stocks, trade securely in your own broker account, and receive expert-recommended trade setups. Stay updated with real-time tracking, market commentary, and AI-powered insights from LiMo, our intelligent bot. Whether you're a seasoned investor or a newbie, Liquide provides the tools you need to discover your next big investment opportunity. Download the app now from Google Play Store and Apple App Store to revolutionize your investment journey. Don't miss out on the chance to level up your investing game with Liquide.