RESULT ON 13-07-2023
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The choppy
movement of Indian indices was influenced by the likelihood of subdued IT
earnings. While optimism over a moderation in US inflation supported the broad
index, a rise in domestic food inflation on higher mandi prices, which tend to
be above MSP, and subdued kharif seeding forced investors to be cautious. The
monsoon progress and the kharif sowing trend in July are the key to the future
inflation trend. Benchmark indices ended the volatile July 12th session lower
with Nifty below 19400. At the close, the Sensex was down 223 points to 65393 The Nifty was down 55 points to 19384.Signs point to further consolidation in the index, leaving participants with no
choice but to focus on stock-specific opportunities. The recent upswing in US
markets is encouraging, but we need sustainability. Meanwhile, Nifty is
hovering in the 19300 to 19500 zone and any side break would provide clues as
to the next directional move. With the global economy remaining under pressure,
profit-taking in local markets is likely to occur during such prolonged
recoveries. The index has formed a small bearish candle on daily charts and a
lower top formation on intraday charts as well. As long as the index trades
below 19400, the weak mood should continue. Below that, the market could slide
to 19300-19200. On the upside, above 19500, sentiment might change and the
market might retest the 19500 level. Another rise could take the index to 19600.
Resistance: 18700, 18800, 18900
Support: 18600, 18500, 18400
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