July 8, 2024
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Nifty 50 Nifty Bank Analysis for July 9, 2024
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Chanakya’s Nifty Bank & Nifty 50 Investments Analysis
Nifty Bank (52426):
*Trend for 9 July: At the opening bell, some weakness is expected
*On lower side, expected to decline to 52211
*On higher side, it is expected to move up to 52675
Nifty 50 (24321):At the opening bell, some weakness is expected.
*On lower side, it is expected to decline to 24259
*On higher side, expected to move up to 24363
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Technical Analysis of Nifty & Bank Nifty by Vaishali Parekh,
Vice President — Technical Research at Prabhudas Lilladher
Despite strong global market sentiments on the US Fed rate cut buzz, the Indian stock market remained sideways on Friday last week. The Nifty 50 index finished marginally higher at 24,168, whereas the BSE Sensex went off 53 points and closed at 79,478. The Bank Nifty index crashed 443 points and ended at 52,290. However, the broad market outperformed the frontline indices on Dalal Street. The small-cap index ended 0.70 percent higher while the mid-cap index went up 0.75 percent in the previous session.
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the overall Indian stock market sentiment is positive as the Nifty 50 index is sustaining above the 24,000 mark. The Prabhudas Lilladher expert said that the 50-stock index ended over 300 points higher weekly after logging over 800 points rise in the previous week. So, the frontline index has registered an over 1100-point rally in the last two weeks. She said that the Nifty today is looking set to touch 24,500 in the near term.
Stock market today
On the outlook for Nifty today, Vaishali Parekh said, “Nifty has been gaining strength day by day, making new highs. The week witnessed another positive upward move, gaining 313 points, with the undertone maintained strong and anticipating further rise. As mentioned earlier, the index has the near-term targets of 24500 and 24900 levels, with the 24000 zone maintained as the important support as of now.”
“The Bank Nifty remained subdued with HDFC Bank shedding gains for the 3rd consecutive session, dragging the index and capping the index near 53,000 as of now. The overall bias is still maintained positive, with 51,900 levels maintained as the near-term support, and it is expected to rise further in the coming days,” said Parekh.
Parekh went on to add that today, Nifty’s immediate support is at 24,200, while the resistance is at 24,500. The Bank Nifty would have a daily range of 52,300 to 53,200.
Technical Analysis of Nifty & Bank Nifty by Mr. Deepak Jasani,
Head of Retail Research, HDFC Securities.
Nifty ended flat in a volatile session on July 8. At close, Nifty was down 0.01% or 3.3 points at 24320.6. Cash market volumes on the NSE were down 7% to Rs.1.45 lakh cr. Broad market indices fell kore than the Nifty even as the advance decline ratio fell to 0.65:1.
Asian markets were mostly down on Monday while European stock markets edged up on Monday after early losses as investors digested snap French elections in which a hung parliament appeared the likeliest outcome.
In the first two months of the current fiscal year, India’s imports of coal increased 5.3% to 52.29 million tonnes (MT) compared to the same period last year.
Nifty formed a doji type pattern on July 08 with a long lower shadow. This has little predictive value. Nifty could stay in the 24164-24401 band for the near term.
Market Round Up & Nifty Analysis by Shrikant Chouhan
Head Equity Research Kotak Securities
Oil prices dipped on Monday after a four-week rise, influenced by potential ceasefire talks in Gaza and the approach of Tropical Storm Beryl to Texas. If the ceasefire in Gaza, mediated by Qatar and Egypt, materializes, it could reduce geopolitical risks and put downward pressure on oil prices. On Friday, the Non-Farm Employment Change report showed an increase of 206K jobs in June, surpassing the expected 191K, which has heightened the likelihood of a Fed rate cut in September. Traders will be closely monitoring Fed meeting.
Today, the benchmark indices witnessed lackluster activity, the Nifty ends 3 points lower while the Sensex was down by 36 points. Among Sectors, FMCG index outperformed, rallied over 1.5 percent whereas PSU Bank index lost the most, shed 1.5 percent. Technically, after a muted opening entire day the market hovered between 24240/79730 to 24340/80000 levels. Intraday non-directional activity indicating indecisiveness between the bulls and the bears. We are of the view that, the intraday market texture is non-directional, perhaps traders are waiting for either side breakout.
For the bulls now, 24360/80100 would be the key resistance level. Post 24360/80100 the index could move up 24450-24500/80400-80600. On the flip side, dismissal of 24240/79730 may accelerate selling pressure. Below which, the market could retest the level of 24160-24120/79500-79200.
Market Round Up by Rajesh Bhosale,
Equity Technical Analyst, Angel One.
Nifty ends on a flat note amid stock-specific action
With no major significant cues in the morning, the benchmark index Nifty started the week’s trading activity on a flat note. In the first half, prices dipped, testing levels below 24250. However, during the second half, the bulls took charge, pushing prices higher and ending near the day’s high, though without a major change from the previous close.
Technically, not much has changed as prices stayed within the previous session’s range, ending flat. While the primary trend remains positive, the overbought conditions across various parameters suggest caution in taking aggressive long positions on the index. We reiterate that a correction is likely in the near term, either price-wise or time-wise, and today it seemed Nifty favored the latter. The immediate trading range is visible between 24200 and 24500, with key levels extending to 24000 – 24600. Any dip toward the lower end would be a buying opportunity, whereas any upside toward the mentioned resistance should prompt traders to book profits. Traders should monitor these levels and adjust their strategies accordingly.
It appeared that traders were focusing on opportunities outside the index, as there was notable stock-specific rotation. Today, the FMCG and OIL&GAS sectors were in focus, bucking the trend. Such opportunities may continue to arise, and traders should keep an eye on identifying these themes.
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‘Ll market go down continuously
Will market go down continuously or not
Need NIFTY and BKnifty analysis and tips for the same.
Adani Ports& SEZ shares are not picking up? Any hopes in the near future of improving these shares?