Share Market Today | GIFT Nifty Flat Amid Mixed Global Cues

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Today’s latest market updates include IREDA’s Q1 loan disbursements up 67.6%, Signature Global’s ₹2,700 Cr sales for its residential project in Gurugram, Vodafone-Idea hike tariffs by 10-21%, MOIL increases prices of certain ferro grades by 2%, plus other global market news.

Latest Market News

  1. IREDA reports Q1 business update with loan sanctions at ₹9,136 crore, a significant increase from ₹1,893 crore last year, and loan disbursements up 67.6% to ₹5,320 crore from ₹3,174 crore.

  2. Signature Global secures sales worth ₹2,700 crore for its residential project Titanium SPR in Gurugram.

  3. Godrej Properties acquires 7 acres in Thanisandra, North Bengaluru, for a high-end residential project with 9 lakh square feet of developable potential and an estimated revenue of ₹1,200 crore.

  4. Saudi Aramco awards contracts worth around $8.8 billion for the phase three expansion of its Master Gas System, with Welspun Corporation in focus.

  5. MOIL increases prices of ferro grades with manganese content of 44% and above by 2% starting July 1.

  6. Vodafone Idea revises its prepaid and postpaid tariffs by 10-21%, effective July 4, 2024.

  7. On Friday, FIIs net sold ₹23.09 crore while DIIs net bought ₹6,658.31 crore in equities.

In-Depth Market Insights: Global Outlook, Derivatives & More

US Share Market News

  1. Performance Overview:

    • On Friday, the global stock indexes edged lower, reversing early gains.

    • Treasury yields rose, and the US dollar declined slightly as investors absorbed data showing US monthly inflation was unchanged in May.

  2. Economic Indicators:

    • The US personal consumption expenditures (PCE) price index remained flat in May, following an unrevised 0.3% increase in April.

    • This data fueled optimism among some investors that the Fed might start cutting interest rates in September.

    • The MSCI world stock index, S&P 500, and Nasdaq all hit record highs in early trading but then retreated.

  3. Sector-Specific Movements:

    • The Dow Jones Industrial Average fell 0.12%, to 39,118.86. The S&P 500 dropped 0.41%, to 5,460.48, and the Nasdaq Composite lowered 0.71%, to 17,732.60.

  4. Upcoming Updates This Week:

    • This week's focus is on several comments from Fed officials, especially Chairman Jerome Powell, who will speak at the European Central Bank’s annual forum in Portugal on Tuesday.

    • The Fed’s June meeting minutes are also due on Wednesday, expected to provide more insight into interest rates after the bank took a hawkish stance during the meeting.

    • Beyond Fed commentary, attention this week is also on key nonfarm payrolls data for June, due on Friday. 

Other Asset Classes

  1. Treasury Yields:

    • On Thursday, the US Treasury yields rose by 10.4 basis points to 4.392% amid political uncertainty following the US presidential debate and ahead of the French legislative elections.

  2. Currency:

    • The US dollar eased slightly after the inflation data. The dollar index, which measures the greenback against a basket of currencies, fell 0.05% to 105.84.

  3. Commodities:

    • US crude oil recorded its third straight weekly gain on Friday. The WTI briefly hit an intraday high of $82.72 per barrel, the highest since April 30. Brent crude rose to $87.22 per barrel earlier in the session, its highest level in two months.

    • Gold prices steadied on Friday after a key US inflation report met expectations, boosting hopes that the Federal Reserve could cut interest rates by September. Spot gold remained steady at $2,324.25 per ounce.

Asian Markets

  1. General Trends:

    • Asia-Pacific markets started the second half of the year mixed as investors assessed official June business activity data from China and Japan’s business confidence readings.

    • China's official PMI figures showed its manufacturing PMI at 49.5 in June, unchanged from May and marking its second consecutive month in contraction territory.

  2. Specific Index Performance:

    • In today's morning trade, Japan’s Nikkei 225 rose 0.8%, while the broad-based Topix increased by 0.94%. At current levels, the Nikkei has reached its highest since April 1.

    • South Korea’s Kospi was down 0.16%, but the small-cap Kosdaq advanced 0.55%.

India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty suggests a flat opening for the Indian market amid mixed global cues.

    • After a flat opening, Nifty spot is likely to consolidate in the range of 23,880-24,130.

  2. Nifty Short-Term Outlook:

    • Benchmark indices gained for the fourth consecutive week amid firm global cues.

    • Nifty closed the week at 24,010, up by 2.17%. Bank Nifty also showed a positive bias, ending the week higher by 1.32% at 52,342, despite Friday's profit booking.

    • The Nifty Midcap and small-cap indices consolidated in a range with a positive bias, closing the week higher by 0.56% and 0.84%, respectively.

    • On the weekly chart, Nifty formed a bull candle with a higher high, signalling a continued uptrend, rebounding from the 23,300 support level and reaching an all-time high of 24,174 on Friday.

    • If the index sustains above last week's high (24,174), it could extend the rally towards 24,600; otherwise, it may consolidate between 24,150 and 23,350.

    • Notably, after a 14% rally from the June low of 21,281, the Nifty is at the upper band of a 15-month rising channel, with weekly stochastics in overbought territory, indicating possible consolidation.

  3. Intraday Levels:

    • Nifty: Intraday resistance is situated at 24,110, followed by 24,180 levels. Conversely, downside support is located at 23,910, followed by 23,830.

    • Bank Nifty: Intraday resistance is positioned at 52,690, followed by 52,900, while downside support is found at 52,110 followed by 51,850.

    • Fin Nifty: Intraday resistance is positioned at 23,540 followed by 23,670, while downside support is found at 23,310 followed by 23,200.

Derivative Market Analysis

  1. Nifty:

    • For Nifty, the highest call option writing is at 25000, followed by 24500.

    • Immediate resistance is at 24200, and surpassing it could lead Nifty to 24500 in the coming week.

    • The highest put writing is at 24000, followed by 23500.

    • Falling below 24000 could trigger profit booking towards 23800.

    • The option chain analysis shows crucial resistance at 24500 and support at 24000, with a strong straddle at 24000 indicating potential consolidation if Nifty touches this level.

    • The put-call ratio has decreased by 0.32 to 1.17.

  2. Bank Nifty:

    • For Bank Nifty, the highest call writing is at the 53000 level, with the next significant resistance at 54000. If 53000 is breached, the next target is 53500.

    • The highest put writing is at 51500, followed by 52500.

    • Heavy call writing at various strikes suggests limited upside for Bank Nifty.

    • A strong straddle at 52500 indicates it as a key level, and any movement above or below it could cause sharp index changes.

    • Aggressive call option addition at 53000 implies market participants do not expect Bank Nifty to surpass this level in the coming week.

    • The put-call ratio has decreased by 0.26 to 0.71.

Stay on top of the latest market news with Bajaj Broking’s insights. Our point-to-point expert analysis digs deep into the surface, empowering you with a unique perspective on domestic and global stock market events. Get all the current share market news, including US share market updates in one place and make wise investment decisions.

Disclaimer:Investments in the securities market are subject to market risk, read all related documents carefully before investing. This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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