Closing Bell: Nifty ends above 15,700, Sensex gains 166 pts; metals drag

Taking Stock: Market Snaps 4-day Losing Streak; Smallcaps Outperform, Metals Drag

Gland Pharma, Divis Labs, ICICI Bank, Reliance Industries and Coal India were among the top gainers on the Nifty. Top losers were Tata Steel, Britannia Industries, JSW Steel, Power Grid Corp and…... Read More

The markets are taking support at lower levels and today was no different. We have respected the 15600-15650 patch today and the bias still remains on the upside as long as 15400 does not break on a closing basis. The Nifty still has the wings to achieve 16100 and hence any dip can be utilized to accumulate long.

The Nifty posted a positive daily close on July 02 after four consecutive negative sessions. The selling pressure in the beginning of the session was absorbed near 15650-15630 & the index bounced thereon. Multiple support parameters likely 61.8% retracement of the previous rise from 15450 to 15915, the daily lower Bollinger Band, lower end of a falling channel on the hourly chart & lower end of a rising channel on the daily chart were present near 15650-15630 that induced the bulls into the action.

Hereon the index is set to take leap towards 15900 & once that is crossed on a closing basis the Nifty can target 16400 on the upside. On the downside, 15650-15630 will continue to act as a crucial support zone on a closing basis.

The USDINR spot has continued the uptrend this week, and we likely need a catalyst to fuel another extension higher. After the big beat on US ADP employment the focus is on nonfarm payrolls data, as a strong candidate with enough impetus to accelerate US Dollar buying pressure. In USDINR spot the next week’s trading range will continue to be 74-75.25 with sideways bias.

Indian rupee slipped to over 2 months low andendedlower by 19 paise at 74.74 per dollar, amid buyingsawin the domestic equity market.

It opened 16 paise lower at 74.71 per dollar versus Thursday's close of 74.55 and traded in the range of 74.66-74.87.

Rupee witnessed weak trend as OPEC+ delayed production info, which indicates at no increase in production which can make Crude expensive going ahead. The range for rupee can be 74.60 - 75.10 in coming sessions ahead.

Benchmark indices snapped the four day losing streak and ended higher in the volatile session.

At close, the Sensex was up 166.07 points or 0.32% at 52484.67, and the Nifty was up 42.20 points or 0.27% at 15722.20. About 1874 shares have advanced, 1279 shares declined, and 120 shares are unchanged.

Among sectors, metal and power indices shed 1 percent each, while buying seen in the infra, pharma and banking names. BSE midcap ended flat, while smallcap index added 1 percent.

Gland Pharma, Divis Labs, ICICI Bank, Reliance Industries and Coal India were among the top gainers on the Nifty. Top lower were Tata Steel, Britannia Industries, JSW Steel, Power Grid Corp and Hindalco.

The company has informed that Mr. Rakesh Agarwal has resigned from the position of Chief Financial Officer of the company with effect from the closing hours of July 1, 2021 due to personal reasons and other preoccupations.

Zee Learn was quoting at Rs 16.65, up Rs 1.55, or 10.26 percent on the BSE.

Gold is marginally up from the previous day’s closing but still sharply lower from a recent high of $1919.20 registered on June 1st.
Thursday’s weaker than expected US ISM manufacturing data was supportive for gold prices however strength in the US dollar index is likely to keep gold prices under pressure. US Dollar index is currently trading near 92.64 which is sharply higher from the recent low of 89.53 registered on May 25th.

Gold prices are likely to face stiff resistance near 20 days EMA at $1807 and 50 days EMA at $1818. Meanwhile, immediate support levels could be seen around $1767 and $1757.

Bharti Airtel today announced the launch of its latest innovation Airtel Black – India’s first all-in-one solution for homes.

Bharti Airtel was quoting at Rs 524.90, up Rs 2.05, or 0.39 percent on the BSE.

These 6 Picks By Technical Experts Can Give 10-50% Return Over The Next 3-6 Months

If the Nifty slides here on, 15,400 will be the decisive support and a breach will drag the index towards 15,000 that could again be a buying opportunity, say experts.... Read More

The high frequency data and relatively decent May tax collections have been suggesting limited adverse impact on economic activity and that the slowdown had troughed around late May. However, the weak PMI manufacturing data in June provides mixed signals suggesting persistence of fragile sentiments. While supply side constraints begin to ease, sentiments may remain tepid amidst uncertainty on demand in the near term.