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Stock Market Highlights | Tech View: Nifty needs decisive move above 24,400. Here’s how to trade on Thursday
03 Jul 2024 | 07:55:34 PM IST
Nifty ended Wednesday’s session with a gain of 163 points to form a small negative candle but broke out of a sideways consolidation movement on the daily chart ahead of Thursday’s expiry.
Having reached near the overhead resistance of around 24400 levels (1.618% Fibonacci Extension), the market could shift into further consolidations/range bound movement in the short term before showing further up move in the near term. A decisive move above 24400 levels could open the next upside target of 24900 levels (1.786% Fib. Extension) in the coming week. Immediate support is placed at 24110 levels, said Nagaraj Shetti of HDFC Securities.
Show moreHaving reached near the overhead resistance of around 24400 levels (1.618% Fibonacci Extension), the market could shift into further consolidations/range bound movement in the short term before showing further up move in the near term. A decisive move above 24400 levels could open the next upside target of 24900 levels (1.786% Fib. Extension) in the coming week. Immediate support is placed at 24110 levels, said Nagaraj Shetti of HDFC Securities.
1 New Update
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Jeff Bezos, founder and executive chairman of Amazon, has announced his intention to sell 25 million shares of the company's stock, valued at approximately $5 billion. This move comes on the same day that Amazon's stock price reached a new all-time high.
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Ugro Capital to consider and approve raising of funds via NCDs
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Purple raises Rs 1,000 crore funding led by ADIA
Plans to scale offline stores, improve profitability.
Vedanta Q1 Update: Mined metal production up 2% YoY, aluminium production up 3%
Gold gains on softer dollar ahead of US Fed minutes
Gold prices rose on Wednesday as the dollar weakened following dovish remarks from Federal Reserve Chair Jerome Powell. Investors are now looking ahead to the minutes from the U.S. central bank's latest policy meeting to assess potential future interest rate cuts. Spot gold increased by 0.7% to $2,345.00 per ounce by 11:56 GMT, while U.S. gold futures climbed 0.9% to $2,354.60.
Vedanta Q1 Update: Mined metal production up 2% YoY, aluminium production up 3%
Oil and gas production down 17% YoY.
Oil prices steady after large US crude inventory draw
Oil prices stabilized on Wednesday after earlier gains driven by industry data revealing a larger-than-expected decline in U.S. crude stockpiles. However, economic challenges from China and the euro zone limited the increase. Brent crude futures rose by 15 cents, or 0.17%, to $86.39 per barrel at 12:10 GMT, while U.S. West Texas Intermediate (WTI) crude futures increased by 11 cents, or 0.13%, to $82.92 per barrel.
India bond yields edge lower tracking US peers
Indian government bond yields closed lower on Wednesday, influenced by a retreat in U.S. Treasury yields. Traders continued to evaluate foreign inflows into debt following the inclusion of domestic securities in a global index. The benchmark 10-year yield finished at 6.9987%, down from the previous close of 7.0112%.
Tech View: Nifty breaks out of consolidation, could hold further before moving up
Nifty ended Wednesday’s session with a gain of 163 points to form a small negative candle but broke out of a sideways consolidation movement on the daily chart ahead of Thursday’s expiry.
Having reached near the overhead resistance of around 24400 levels (1.618% Fibonacci Extension), the market could shift into further consolidations/range bound movement in the short term before showing further up move in the near term. A decisive move above 24400 levels could open the next upside target of 24900 levels (1.786% Fib. Extension) in the coming week. Immediate support is placed at 24110 levels, said Nagaraj Shetti of HDFC Securities.
Having reached near the overhead resistance of around 24400 levels (1.618% Fibonacci Extension), the market could shift into further consolidations/range bound movement in the short term before showing further up move in the near term. A decisive move above 24400 levels could open the next upside target of 24900 levels (1.786% Fib. Extension) in the coming week. Immediate support is placed at 24110 levels, said Nagaraj Shetti of HDFC Securities.
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Rupee falls 4 paise to close at 83.52 against US dollar
Nifty Bank hits fresh record highs, climbs above Mount 53K; use dips to buy: Experts
The Nifty Bank climbed above 53000 for the first time to hit fresh record highs on Wednesday tracking positive global cues.
The Nifty Bank rose 921 to close at 53,089. It hit a record high of 53,256 in intraday trade today. The Nifty50 rose 175 points to close at 24,298.
The Nifty Bank rose 921 to close at 53,089. It hit a record high of 53,256 in intraday trade today. The Nifty50 rose 175 points to close at 24,298.
The Bank Nifty index witnessed strong momentum and surpassed the hurdle of 53000 on a closing basis. The index is trading in a strong uptrend with higher high and higher low formations on the daily chart. The immediate support now stands at 52500, and a dip towards this support would be an ideal opportunity to initiate fresh long positions.
- Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
Sensex Today | Stock Market LIVE Updates | Nifty Pharma scales new peak
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A broad-based rally was witnessed in the Indian market, boosted by large caps, with financials taking centre stage. With the drop in Indian banks' GNPAs to a 12-year low, the sector is anticipated to outperform in the near term. On the global front, the US FED chair's commentary on inflation cooling down to 2% by the end of CY25 was sentimentally positive. FOMC minutes later today might give hints on the start of the rate-cut cycle.
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Renewable energy firm ACME Solar Holdings files papers for Rs 3,000-crore IPO
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The offer also includes a provision for eligible employees to subscribe.
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Rupee to trade in narrowest range in about 30 years on RBI's actions: Reuters poll
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Sebi notifies institutional mechanism for brokers to prevent mkt abuse
The markets regulator has announced a new institutional mechanism mandating stock brokers to implement systems aimed at detecting and preventing market abuse.
The market has reached another milestone. We believe this is logical as markets are leading indicators of macro stability and future growth. We believe that India has strong and sustainable drivers for secular growth, and thus our view on equities remain constructive.We would advise investors to follow a well-crafted and balanced allocation towards equities, and remain committed preferably via SIP.
- Mr. Neelesh Surana, Chief Investment Officer, Mirae Asset Investment Managers (India)
Sensex Today | Gujarat Toolroom to consider raising of funds via issuance of equity shares
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Sensex Today | Stock Market LIVE Updates | Bansal Wire IPO sails through on Day 1 on robust NII, retail demand. Check GMP and other details
Bansal Wire's initial public offering successfully progressed on the first day of bidding, buoyed by strong interest from retail and non-institutional investors.
Both the retail and non-institutional investor categories were fully subscribed, while the qualified institutional buyer portion did not receive any bids.
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Both the retail and non-institutional investor categories were fully subscribed, while the qualified institutional buyer portion did not receive any bids.
The IPO is conducted via the book-building method, allocating approximately 50% of the issue to qualified institutional buyers, 35% to retail investors, and 15% to non-institutional investors.
Sensex Today | Stock Market LIVE Updates | Apex Capital And Finance approved issuance of 7.6 Million warrants convertible into shares
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Sensex Today | Stock Market LIVE Updates | Sectoral Watch
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European shares rose on Wednesday as investors welcomed dovish comments from Federal Reserve Chair Jerome Powell and looked ahead to the second round of the French vote and a national election in the UK.
The pan-European STOXX 600 index gained 0.3% by 0709 GMT, rising for a second of the past seven sessions.
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Sensex Today | Stock Market LIVE Updates | Radico Khaitan's board approves of Rs 3 per share
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Sensex Today | Stock Market LIVE Updates: ISMA sees sugar surplus in current season
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Yen slides to fresh lows as Japan authorities stick to sidelines
On Wednesday, the yen depreciated to its lowest level against the dollar in 38 years and reached a record low against the euro, continuing its decline.
The yen declined approximately 0.2%, falling to 161.875 per dollar for the first time since December 1986, and similarly decreased against the euro to hit a record low of 173.80.
The yen declined approximately 0.2%, falling to 161.875 per dollar for the first time since December 1986, and similarly decreased against the euro to hit a record low of 173.80.
BSE: No. of participants to be increased from 8 to 10 in equity derivates segment
From July 8, 2024, trading will happen in 10 partitions for all products.
Japan's Nikkei rises as tech stocks track US growth shares
- Japan's Nikkei share average extended its winning streak to four days on Wednesday, buoyed by strong performances in heavyweight technology stocks mirroring overnight gains in U.S. megacap growth stocks.
- The Nikkei climbed 1.26% to settle at 40,580.76.
- Meanwhile, the broader Topix index also advanced for the fourth consecutive day, finishing up 0.54% at 2,872.18.
Sensex Today | Stock Market LIVE Updates | Top gainers & losers at this hour
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China's yuan slides to seven-month low on weak economic data
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Co enters into agreement for development mechanization of North Cargo Berth-III
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Stock Market LIVE Updates | Persistent Systems: Co acquires Starfish Associates, strengthening itsposition in AI-powered contact center and unified communications.
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Sensex Today | S&P and Fitch have assigned 'BBB+' long-term issuer credit rating to L&T
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Stock Market LIVE Updates | Paytm introduces affordable healthcare and income protection for merchants with Health Saathi Plan
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Sensex Today | Stock Market LIVE Updates | Nifty Bank hits all-time high
- Banking index hits record high of 53,201
- Federal, HDFC and Axis Bank top gainers from the pack
Sensex Today | Stock Market LIVE Updates | Federal Bank Q1 Update; stock jumps 4%
- Total deposits reached Rs 2,66,082 crore, with a growth of 20% over Rs 2,22,496 crore as of June 30, 2023.
- The Bank’s Customer deposits (Total deposits excl Interbank deposits and certificates of deposit) aggregated to Rs 2,51,991 crore, a growth of 20% over Rs 2,10,422 crore as of June 30, 2023.
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Stock Market LIVE Updates | HDFC Bank powers Sensex to record high
Indian stocks surged to all-time highs at the opening bell on Wednesday, driven by HDFC Bank, the country's leading private lender, which soared to a record level amid expectations of a potential increase in its weightage within a significant global index.
Stock Market LIVE Updates | REC, PFC among most active stocks in morning trade
Price as on 09.26.32 AM, Click on company names for their live prices.
Stock Market LIVE Updates | Market at record high! Here are stocks that hit 52-week high
FOREX NEWS | Rupee falls in early trade
Rupee falls 5 paise to 83.53 against US dollar
Sensex Today | Stock Market LIVE Updates | Sensex hits 80,000 for the first time
Opening Bell: Market at record high! Sensex scales 80,000 for the first time; Nifty near 24,300
Sensex Today | Stock Market LIVE Updates | Sensex jumps 570 points, hits 80K in pre-open; Nifty near 24,300
Sensex Today | Stock Market LIVE Updates | Indian shares set to open higher; HDFC Bank in focus
Indian shares are likely to open higher on Wednesday, tracking Asian peers, while top private lender HDFC Bank will be in focus on hopes of a likely increase in its weightage in a key global index.
The GIFT Nifty was trading at 24,326 as of 8:22 a.m. IST, indicating the Nifty 50 will open above Tuesday's close of 24,123.85.
The GIFT Nifty was trading at 24,326 as of 8:22 a.m. IST, indicating the Nifty 50 will open above Tuesday's close of 24,123.85.
Sensex Today | Stock Market LIVE Updates | Forex News
- The euro was little changed at $1.0751
- The Japanese yen was little changed at 161.51 per dollar
- The offshore yuan was little changed at 7.3081 per dollar
- The Australian dollar was little changed at $0.6670
Sensex Today | Stock Market LIVE Updates | Asian Markets Update
- S&P 500 futures were little changed as of 9:16 a.m. Tokyo time
- Hang Seng futures rose 0.5%
- Japan’s Topix rose 0.2%
- Australia’s S&P/ASX 200 rose 0.3%
- Euro Stoxx 50 futures rose 0.3%
- Nasdaq 100 futures were little changed
Sensex Today | Stock Market LIVE Updates | US stocks back at records while European bourses retreat
Wall Street equity indices advanced to fresh records Tuesday as markets embraced commentary from Federal Reserve Chair Jerome Powell, while European bourses retreated on unease about upcoming French elections.
Both the S&P 500 and Nasdaq ended at all-time highs following Powell's remarks at a panel discussion with other central bankers in Portugal where he noted pricing pressures have abated.
Both the S&P 500 and Nasdaq ended at all-time highs following Powell's remarks at a panel discussion with other central bankers in Portugal where he noted pricing pressures have abated.
Sensex Today | Stock Market LIVE Updates | Dollar on the defensive amid lower yields, yen hovers near 38-year trough
On Wednesday, the dollar continued to weaken following dovish remarks from Federal Reserve Chair Jerome Powell, which caused U.S. bond yields to decline. This overshadowed a robust domestic jobs report.
Meanwhile, the euro remained strong, supported by persistent high inflation figures locally reported on Tuesday. Sterling held steady in anticipation of Thursday's U.K. election.
Meanwhile, the euro remained strong, supported by persistent high inflation figures locally reported on Tuesday. Sterling held steady in anticipation of Thursday's U.K. election.
Gold flat as investors focus on Fed minutes
Gold prices remained stable on Wednesday as investors awaited the minutes of the Federal Reserve's recent policy meeting for indications of when the U.S. central bank might begin reducing interest rates.
At 0152 GMT, spot gold was almost unchanged at $2,329.66 per ounce, while U.S. gold futures edged up by 0.2% to $2,338.70.
At 0152 GMT, spot gold was almost unchanged at $2,329.66 per ounce, while U.S. gold futures edged up by 0.2% to $2,338.70.
