NIFTY OUTLOOK FOR 12 JULY 2024

Market Report - July 11, 2024

Indian equity indices concluded the day on a relatively flat note amid considerable volatility. The key indices experienced mixed movements, with the Sensex and Nifty showing marginal declines:

• Sensex: Closed at 79,897.34, down by 0.03% (-27.43 points).
• Nifty: Ended at 24,316.00, down by 0.03% (-8.50 points).

Market Overview:

• The Nifty remained volatile throughout the session, closing marginally lower. Key levels to watch are 24,150 as support and 24,400 as resistance.
• Bank Nifty traded near crucial support levels at 52,000-51,800, with potential for a rally towards 52,500 if support holds.

Sectoral Performance:

• Gainers: Media (+1%), Oil & Gas (+1%).
• Losers: Realty (-1.5%), Pharma (-0.6%).

Midcap and Smallcap Indices:

• BSE Midcap Index: Rose by 0.3%.
• BSE Smallcap Index: Added 0.6%.

Top Gainers (Nifty):

• BPCL, Coal India, ONGC, ITC, Tata Motors.

Top Losers (Nifty):

• Tata Consumer Products, Bajaj Finance, Divis Labs, M&M, NTPC.

Market Sentiment:

• Investors exhibited cautious optimism amid selective profit-taking.
• Global cues and upcoming earnings reports are pivotal factors influencing market direction.

Technical Outlook:

• Nifty shows support around 24,150-24,100; resistance at 24,400.
• Bank Nifty's pivotal support at 52,000-51,800; potential resistance at 52,500.

Outlook:

• Expectation of range-bound trading with a slightly bullish bias, pending global economic data and corporate earnings.