Both the Sensex (which rose 480.57 points, or 0.74%, to 65,721.25) and the Nifty (which rose 135.30 points, or 0.70%, to 19,517) increased as of market close.

The market opened higher and kept rising throughout the day, eventually closing around its high. This occurred despite mixed global indications.

The BSE Sensex and Nifty50 both fell by 0.6% throughout the course of the week.

Top Nifty gainers included Cipla, IndusInd Bank, Tech Mahindra, Wipro, and Bharti Airtel, while top losers included SBI, Bajaj Auto, BPCL, NTPC, and Maruti Suzuki.

Two industries saw gains of 1%: pharmaceuticals and information technology, while financial services, industrial metals, and capital goods all gained 0.5%. Automakers and utility companies were among the biggest sellers.

The BSE mid and small cap indices both saw gains of 0.6%.

LIC Housing Finance, Info Edge, and Jubilant FoodWorks all had significant increases in their buildups, while Aditya Birla Fashion & Retail, Mahanagar Gas, and Cummins India all had negligible increases.

Among individual stocks, a volume spike of more than 300 percent was seen in Indiabulls Housing Finance, Cummins India and Info Edge.

More than 200 stocks touched their 52-week high on the BSE, including Tribhovandas Bhimji Zaveri, SML Isuzu, NBCC, Info Edge, Lupin, Karnataka Bank, JK Tyre, Gravita India, Dixon Technologies and Apollo Tyres.

Outlook for August 7

Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas:

The Nifty started the day up and continued rising, eventually finishing the day up by about 130 points. The Nifty recovered some of its weeklong losses on Friday after experiencing heavy selling activity earlier in the week. However, on a weekly basis, it has already closed in the red for the second week running. The decline is quite likely to stall in the 19560 – 19600 range, where the 40-hour moving average and the hourly upper Bollinger band are located as resistance. Therefore, this rebound represents a buying opportunity. Even the hourly momentum indicator has hit its neutral line, suggesting the correction has completed its maturation and is ready to start a new cycle to the negative. In general, the trend is still down, and in the near future, we anticipate seeing values around 19100.

The Bank Nifty has also had a correction, although this should not be seen as the beginning of a wider trend reversal. The downturn is quite likely to end where the 40-hour moving average and the hourly upper Bollinger band meet, at around 45100 to 45200. The retreat has reached maturity and can begin a new cycle, as seen by the hourly momentum indicator’s crossing of the equilibrium line. We still see a general downward trend, and a drop to around 44,000 seems likely in the near future.

Ajit Mishra, SVP – Technical Research, Religare Broking:

The market recovered from its recent decline and climbed by more than half a percent. Following the gap to the upside at the opening bell, Nifty traded in a narrow range all day until closing at 19,518. Meanwhile, the sectoral front showed a mixed trend, with IT, pharma, and banking all posting decent gains and keeping the traders active. The broader indices also rose, by roughly the same percentage.

Nifty has recovered after touching support at 19,300, although it has not yet regained its position above the 20-day exponential moving average (EMA). For the recovery to continue, we must prioritise sustainability over maintenance of the status quo. Even though global indexes are falling, they have not yet reversed their upward trajectory, which is reassuring. In the face of conflicting data, it’s best to proceed with caution and limit the size of your positions.

Disclaimer: The opinions and recommendations offered by Moneypoise.com’s investing experts are those of the experts themselves and not of the website or its administration. Moneypoise.com recommends that customers seek the advice of professionals before making any financial commitments.

Also Read : Technical View | Nifty rebounds, but sustainability above 19,500 key for further sharp upmove

The post Taking Stock: Market breaks 3-day fall with Nifty above 19,500; Sensex jumps 481 points appeared first on Republic Aeon.

Approximately 1892 shares rose, 1496 shares fell, and 117 shares stayed the same. Midcap and small cap indices also gained around 1%, adding to the broader market’s optimism.

Sun Pharma and Eicher were among the top gainers on the Nifty 50 index, each rising by more than 2%. Both UPL and JSW Steel ended the day down. UPL by 2.4% and JSW Steel by 1.6%. Short positions were covered in Deepak Nitrite, Navin Fluorine, and Bandhan Bank while long positions were established in Tata Communications, Dixon Technologies, and Polycab in the F&O market.

Stocks and sectors

Eicher Motors led all Nifty 50 companies in price appreciation, increasing by almost 3 percent. Sun Pharma subsequently increased by around the same percentage. Several other companies saw increases in value, including Tata Consumer, Apollo Hospitals, and Maruti Suzuki.

UPL fell nearly 2%, making it the worst performer. Other companies that did poorly include Bajaj Finance, Axis Bank, HCL Tech, JSW Steel, and Hindalco Industries.

The Nifty Automobile, FMCG, Pharmaceutical, and Healthcare indices all increased by over one percent. The day’s biggest loser was Nifty Financial Services.

OUTLOOK for July 12

Vinod Nair, Head of Research at Geojit Financial Services

Investors are keeping a low profile as they await the first quarter results from the information technology sector, which begins tomorrow. The expected support from China to counteract economic growth and optimism over moderating US inflation figures also contribute to the upbeat outlook. Given the optimistic profits forecast for FY24, India’s current value is reasonable (although slightly over the long-term average).

Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd

India’s excellent direct tax collection results have increased investor confidence even more as the country continues its economic rise despite global economic weakness. Stocks in the auto, cap ex, power, and consumer staples sectors saw buying as optimism was buoyed by positive global cues. However, investors may need to prepare for increased intraday volatility in the days leading up to the FOMC meeting of the US Federal Reserve on July 26. The Nifty has created a double top pattern on intraday charts, a technical indicator of short-term weakness. If intraday traders can get the market to break over 19500, it has the potential to rise to the 19600-19625 zone. Below 19380, however, sellers are likely to gain momentum, and the index may revisit the 19300-19250 area.

Kunal Shah, Senior Technical & Derivative analyst at LKP Securities

Bears have maintained their control over the Bank Nifty index as selling pressure from higher levels has persisted. The index has run into a wall of resistance around 45200, which has been tough to break through thus far.The current index price is very close to a significant support area, which lies between 44800 and 44750. The 20-day moving average (DMA) is located in the 44500-44000 level, thus a break there would likely trigger a continuation lower.Recently, the Bank Nifty index has been trading in a rather tight range of 44500–45500. For traders, the best course of action is to capitalize on any opportunities that arise, whether they be on the upside or the downside, during a range-bound market.

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The post Autos and fast moving consumer goods (FMCG) lead market gains as the Sensex and Nifty both close near 19,450. appeared first on Republic Aeon.