The Nifty kicked off the July series on a strong note, recording the largest single-day gains in three months and closing at a record high on June 30. The market momentum was supported by broad-based across sectors, with notable increases in Auto and IT sectors. In contrast to several global economies, such as China, which are facing a decline, India has emerged as a beacon of hope amidst the gloomy scenario. Consequently, investors are expressing significant confidence in domestic stocks.
NIFTY: The index opened 104 points higher at 19,076 and made a high of 19,201 before closing at 19,189. Nifty has formed a bullish candlestick on the daily chart and a long bullish candlestick pattern on the weekly chart, making higher highs, higher lows for the 14th straight week. Its immediate resistance level is now placed at 19,400 while support is at 19,000.
BANK NIFTY: The index opened 339 points higher at 44,666 and closed at 44,747. Bank Nifty has formed a small-bodied bullish candlestick on the daily chart. Its immediate resistance level is now placed at 45,000 while support is at 44,500.
Stocks in Spotlight
▪ Mahindra & Mahindra Ltd: Stock gained over 4% to hit a 52-week high after becoming the first company to receive the eligibility certificate under the Govt's production-linked incentive (PLI) scheme for automobiles.
▪ Canara Bank: Stock gained 1.8% after its board of directors approved Rs 7,500-crore fund-raising plan for the current financial year.
▪ Godawari Power: Stock jumped 5.4% on June 30, after equities worth Rs 174 crore changed hands on the Exchanges.
▪ Asia-Pacific markets traded mixed after Wall Street’s banks jumped after passing the Federal Reserve’s annual stress test.
▪ Oil prices rose on Friday but were on course for a fourth consecutive quarter of losses amid concerns over sluggish global economic activity and fuel demand.
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