On July 27, the Nifty saw a significant decline in the second half, erasing all the gains it made on the previous day. The index also closed below both the 5-day and 10-day Exponential Moving Averages (EMAs) on the monthly Futures and Options (F&O) expiry day. The market sentiment was likely impacted by concerns among investors about the possibility of another rate hike by the US Federal Reserve.
NIFTY: The index opened 72 points higher at 19,850 and made a high of 19,867 before closing at 19,659. Nifty has formed a Bearish Engulfing candlestick pattern on the daily chart, which is a bearish reversal pattern. Its immediate resistance level is now placed at 19,800 while immediate support is at 19,500.
BANK NIFTY: The index opened 223 points higher at 46,285 and closed at 45,679. Bank Nifty has formed a Bearish Engulfing candlestick pattern on the daily scale, which raises possibility of further correction. Its immediate resistance level is now placed at 46,200 while support is at 45,500.
Stocks in Spotlight
▪ Mahindra and Mahindra Ltd: Stock nosedived over 6% after six lakh crore shares changed hands on the NSE.
▪ Aurobindo Pharma Ltd: Stock surged nearly 6% after the company announced the setting up of a wholly owned subsidiary, Auro Pharma LLC, in Russia.
▪ Colgate Palmolive (India) Ltd: Stock jumped over 6% on robust Q1 results, which beat street estimates.
▪ Gold prices rose to a one-week high on Thursday, supported by a slightly weaker dollar, while traders digested fairly balanced comments from US Federal Reserve Chair Jerome Powell after a widely expected interest rate hike.
▪ Oil prices climbed on Thursday, recouping losses from the previous session, supported by supply tightness owing to OPEC+ production cuts and renewed optimism on the outlook for Chinese demand and global growth.
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