NIFTY OUTLOOK FOR 16 JULY 2024

Market Overview

The Indian stock market continued its upward momentum for the second consecutive session on Monday, with the Nifty closing the day with a notable gain of 84 points. The Sensex also showed a modest increase, closing up by 145 points.

Market Movement

• Opening and Intraday Performance: The market opened positively and maintained a gradual upward movement throughout the early to mid-session.
• Consolidation Phase: A period of consolidation occurred at new highs during the mid to later part of the session.
• Closing Highlights: The Nifty closed near its daily high at 24,586, marking a new all-time high of 24,635 during the session.
• Technical Analysis: A doji candlestick pattern formed on the daily chart, suggesting indecision in the market sentiment amidst a range-bound movement.

Sectoral Performance

• Gainers: Except for IT, all other sectoral indices ended in the green.
  • Top Gainers: PSU Banks led the gains, followed by the Media sector.
  • Sectoral Indices: Auto, Pharma, PSU Bank, Realty, and Oil & Gas sectors showed gains ranging from 1% to 3%.

Specific Stock Movements

• Top Gainers: ONGC, Shriram Finance, SBI Life Insurance, Bajaj Auto, and SBI were among the top gainers on the Nifty.
• Top Losers: LTIMindtree, Asian Paints, Grasim Industries, Tata Steel, and Axis Bank saw declines during the session.

Market Sentiment and Outlook

• Investor Sentiment: Investors are cautiously optimistic ahead of the upcoming Union Budget, focusing on reform expectations and global market cues.
• Technical Outlook: Despite the formation of a doji candlestick pattern, indicating potential indecision and reversal, the near-term trend remains positive.
• Support and Resistance Levels: Immediate support for the Nifty is seen at 24,450, while resistance is noted at 24,740.

Conclusion

The Indian stock market continues to show resilience with a positive bias, supported by strong sectoral performances and investor optimism. While caution prevails due to upcoming geopolitical tensions and economic data releases, any corrections are viewed as potential buying opportunities given the overall positive trend.

This report provides a snapshot of the market's performance on July 15, 2024, highlighting key movements, sectoral performances, and investor sentiments shaping current market dynamics.