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Jul 03, 2020 03:37 PM IST | Source: Moneycontrol.com

Closing Bell: Nifty ends above 10,600, Sensex up 177 pts; Bharti Airtel gains 4%

Except bank and metal other sectoral indices ended in the green. BSE Midcap and Smallcap indices ended higher.

  • July 03, 2020 04:30 PM IST

    Sumeet Bagadia, Executive Director at Choice Broking: 

    On a daily chart, the Nifty has been trading above its 50-day moving average which is a good sign for the time being and based on which we may see a good move in the upcoming trading session. At present level, downside support comes at 10450 while upside resistance comes at 10750 level.  

  • July 03, 2020 04:15 PM IST

    Vinod Nair, Head of Research at Geojit Financial Services:

    The benchmark indices ended with a gain of 2.4%, on a weekly basis, as optimism about a continued recovery in economic activity offset the concerns raised by unabated rise in virus infections. Globally the US monthly employment report and domestically the PMI survey, seemed to indicate that the worst of the lockdown economic impact is over. However, any extension or resetting of lockdown measures, due to increasing infections, could negate the gains. Progress of a vaccine trial also added to the optimism. In Spite of improving economic data, markets are still largely moving on hope rather than on any real change in the ground realities. With intraday volatility increasing, investors are advised to remain cautious.

  • July 03, 2020 04:12 PM IST

    Chandan Taparia, Vice President | Analyst-Derivatives at Motilal Oswal Financial Services:

    Nifty continued the formation of higher lows on weekly scale as well while supports are gradually shifting higher which suggests overall bullish stance on the market. Now, it has to continue to hold above 10500 zones to extend its move towards 10800 zones while on the downside support is seen at 10450 then 10333 levels.

  • July 03, 2020 03:57 PM IST

    Rohit Singre, Senior Technical Analyst at LKP Securities:

    Index closed a week above with gains of more than 2 percent forming a bullish candle on weekly chart. Index has good resistance near 10700-10800 zone and one can use mentioned levels to book profit on every rise, good support is shifted at 10500-10400 zone, so until holding above said levels we may see strength to be there and one can use buy on dip strategy around said levels. Nifty Bank closed a week again below 22k mark at 21852 with gains of 1.21 percent, support for Nifty Bank is coming near 21500-21200 zone and resistance is coming near 22300-22500 zone.

  • July 03, 2020 03:45 PM IST

    Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities:

    Rupee ended at over three month high as risk appetite boosted following an upbeat US employment data, while likely overseas inflows into local stocks weigh down spot pair. Globally stocks were supported by uplifted sentiments following the strong US jobs data. FII inflows into local equities led gains in local currency. Rupee has now taken support at 75.50 broadly after yesterday's broad based selling. on upside rupee can test levels of 74.40-74.20.

  • July 03, 2020 03:45 PM IST

    Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities:

    Rupee ended at over three month high as risk appetite boosted following an upbeat US employment data, while likely overseas inflows into local stocks weigh down spot pair. Globally stocks were supported by uplifted sentiments following the strong US jobs data. FII inflows into local equities led gains in local currency. Rupee has now taken support at 75.50 broadly after yesterday's broad based selling. on upside rupee can test levels of 74.40-74.20.

  • July 03, 2020 03:39 PM IST

    Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments:

    The markets came close to test the support of 10500 but bounced thereafter to close above 10550. We would need to evaluate the new support levels next week. Until then the trend continues to remain positive. Some range bound movement can be expected considering we have had a one way movement since 10400.

  • July 03, 2020 03:38 PM IST

    Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services:

    Gold edged lower as strong U.S. jobs data lifted investors' risk appetite, although losses were limited following surge in global cases of the novel coronavirus and lingering trade tensions between the US and China. Data released from the U.S. showed  nonfarm payrolls rose by 4.8 million jobs in June, the most since the government began keeping records in 1939. 

    The U.S. State Department also warned top American companies to check their supply chains and ensure they are not doing business with entities linked to alleged human rights abuses against Uighurs in China's Xinjiang province. Market participants will be keeping an eye on the service PMI number expected from major economies.  
    Indicative of sentiment, holdings of SPDR Gold Trust rose 0.8% to 1,191.47 tonnes on Thursday. Broader trend on COMEX could be in the range of $1750-1792 and on domestic front prices could hover in the range of Rs 47,700-48,380.

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