Indian equities saw general weakness but the benchmark was able to stay slightly positive with support from strong buying in heavyweight stocks. The weakness was led by IT stocks as the sector is expected to start the Q1 earnings season with weak earnings. In addition, signals from US markets are unfavorable as concerns about another rate hike linger despite expectations of a quick cool down in future US CPI inflation data. Benchmark indices ended the volatile session on July 10th with modest gains. At the end the Sensex was up 63 points to 65344 and the Nifty was up 24 points to 19355. Profit-taking in late trade wiped out most early gains as major indices ended a volatile trading session with modest gains. Hiccups were seen ahead of the US monetary policy meeting later this month. There are enough signs that the Fed will target a rate hike this month to keep inflation under control. Technically, the Nifty found resistance at 19450 while 19350 acted as a key support zone. For day traders, another uptrend rally is only possible after the breakout of 19450, above which the market could rally to 19500-19550. On the other hand, after the 19350 dissolution, another sell-off was seen and below that the index could slide to 19250-19200.
Resistance: 18700, 18800, 18900
Support: 18600, 18500, 18400
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