Markets hit fresh highs; Nifty closes just below 20,000 Mark 💹💹💹

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ITC WENT UP BY 3% IN TOP GAINER

RESULT TOMORROW 21 JULY  2023

Aarti Drugs Ltd

Ashok Leyland Ltd          

Atul Ltd       

CreditAccess Grameen Ltd

DLF Ltd      

HDFC Life Insurance Company Ltd

Hindustan Zinc Ltd        

JSW Steel Ltd       

One 97 Communications Ltd  

Reliance Industries Ltd 

Tejas Networks Ltd         

UltraTech Cement Ltd   

Vedanta Ltd

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Benchmark indices extended gains and closed near the daily high with the Nifty above 19950. Benchmark stock market indices closed positive on Thursday, with both the Nifty 50 and the Sensex making new all-time highs. At the close, the Sensex was up 474 points at 67571 and the Nifty was down 146 points at 19979. Broader market indices also gained momentum, reversing weakness seen in early trading. The value released by heavyweights (such as RIL and ITC) takes place in the knowledge of the most important indices. The expectation of good Q1 results from the banks gives additional impetus to explore new highs. Mixed signals from global peers are not hurting domestic market sentiment as FII inflows continue to weigh on Indian economic prospects. We believe in the potential of Jio Financial Services, but it is too early to discuss future prospects and roadmap. Let's patiently await Reliance Industries' upcoming Annual General Meetings and earnings dates to announce their extensive launches. After the spin-off, Jio Financial is now India's fifth largest financier and will battle head-to-head with the big NBFC and fintech firms. As India's financial services sector grows, digitization will be key to the growth of the addressable market, particularly in merchant and retail lending. Jio Financial intends to leverage Reliance's technical capabilities to democratize access to financial services for 1.4 billion Indians. Jio Financial is a prominent market player poised for transformation and future growth with a projected net worth of Rs.1,10,000 crore.

Nifty 50 remains above the critical moving average, which indicates a positive trend. Additionally, the RSI is showing a bullish crossover, indicating potential market strength. In the short term, the index is expected to remain positive. However, if it fails to break the 20000 mark, investors risk profit-taking. There is a support level at 19750 which could attract buying interest on any dips. Bank Nifty has successfully surmounted the key 46200 resistance level, suggesting the continuation of the upside momentum. The index features a series of higher highs and higher lows, which is a bullish pattern that confirms the strength of the uptrend. The support level for the index is 46700 and as long as this level remains intact on the closing basis the overall trend remains bullish. On the upside, the next immediate hurdle is at the 46500-46700 zone.

Resistance: 20000, 20100, 20200

Support: 19750, 19650, 195550