Share Market Today | GIFT Nifty Flat Amid Mixed Global Cues

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Synopsis:

Today’s latest market updates include Adani’s plan to invest ₹1.3 lakh crore in its companies in FY25, MapMyIndia’s ₹115 Cr promoter stake sale, Mazagon Dock’s 'Navratna' status award, 3.52% stake sale in Sanghi Industries, Oil India’s bonus issue, plus other global market news.

Latest Market News

  1. Adani plans to invest ₹1.3 lakh crore in its companies in FY25.

  2. MapMyIndia promoter Rakesh Kumar Verma is expected to reduce his stake in a ₹115 crore deal.

  3. Mazagon Dock has been granted 'Navratna' status after IREDA.

  4. Ambuja Cements and Ravi Sanghi will sell up to 3.52% of Sanghi Industries on June 26-27, 2024, at a floor price of ₹90 per share.

  5. Oil India has set July 2, 2024, as the record date for a bonus issue.

  6. FIIs bought ₹1,175.91 crore in equities while DIIs sold ₹149.45 crore yesterday.

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

US Share Market News

  1. Performance Overview:

    • On Tuesday, the US benchmark equity indexes closed mixed as investors considered remarks from Federal Reserve officials and the latest economic data.

  2. Economic Indicators:

    • The US consumer confidence index fell to 100.4 this month from a revised 101.3 in May.

    • US home prices hit a record high in April, though the growth rate slowed both monthly and yearly.

  3. Sector-Specific Movements:

    • The Nasdaq Composite rose 1.3% to 17,717.7, while the S&P 500 gained 0.4% to 5,469.3.

    • The Dow Jones Industrial Average dropped 0.8% to 39,112.2.

    • Communication services and technology sectors led the gains, while real estate had the biggest decline.

  4. Stock-Specific Action:

    • Nvidia was the top performer on the Nasdaq and the second-best on the S&P 500, rising 6.8%.

Other Asset Classes

  1. Treasury Yields:

    • The US two-year yield increased by 1.1 basis points to 4.75%, while the 10-year rate remained nearly unchanged at 4.25%.

  2. Currency:

    • The dollar index rose slightly to 105.63 against a basket of currencies.

  3. Commodities:

    • Brent futures for August fell $1 to $85.01 a barrel, while US crude futures dropped 80 cents to $80.83 a barrel.

    • Gold fell 0.6% to $2,330.60 per troy ounce, and silver dropped 2.1% to $28.90 per ounce.

Asian Markets

  1. General Trends:

    • Asia-Pacific markets mostly rose on Wednesday as investors awaited Australia's May inflation numbers and Singapore's May manufacturing output data.

    • Australia's core inflation rate is expected to be 3.8% in May, up from 3.6% in April, according to a Reuters poll of economists.

    • The Reserve Bank of Australia has two inflation readings to consider—on June 26 and July 31—before its next meeting on August 6.

  2. Specific Index Performance:

    • Australia's S&P/ASX 200 fell 0.70% on Wednesday.

    • Japan's Nikkei 225 gained 0.50% in morning trade, while the broad-based Topix rose slightly.

    • South Korea's Kospi increased by 0.16%, with the small-cap Kosdaq trading close to flat.

    • Hong Kong Hang Seng index futures were at 17,958, lower than the previous close of 18,072.9.

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India Market Outlook

  1. GIFT Nifty Projection:

    • Gift Nifty suggests a flat to positive opening for the Indian market.

    • We expect the Nifty to trade above the immediate support levels of 23,500-23,600, with a focus on rollover data as the June month's F&O expiry approaches.

  2. Nifty Short-Term Outlook:

    • The benchmark indices reached record highs, driven by banking stocks, with Nifty closing at 23,721.30. Positive sentiment stemmed from budget expectations and robust global cues.

    • Sectorally, Nifty Bank and Nifty Private Bank rose by 1.7% each, and Nifty IT by 0.8%, while Nifty Realty fell by 1.8%, and Nifty Metal and Nifty Media declined by 0.7% and 0.5% respectively. Broader indices closed flat to marginally lower.

    • The short-term trend of the Nifty remains positive, with signs of an upside breakout.

    • A long bull candle on the daily chart indicates surpassing the 23,400-23,500 range, suggesting potential for further upward momentum.

    • Momentum indicators RSI and MACD are currently not showing weakness.

  3. Intraday Levels:

    • Nifty: Intraday resistance is situated at 23,820, followed by 23,880 levels. Conversely, downside support is located at 23640, followed by 23,580.

    • Bank Nifty: Intraday resistance is positioned at 53000, followed by 53200, while downside support is found at 52400, followed by 52,250.

    • Fin Nifty: Intraday resistance is positioned at 23800 followed by 24000, while downside support is found at 23,280 followed by 23,240.

Derivative Market Analysis

  1. Nifty:

    • The highest call option writing remains at the 24,000 level, indicating a strong resistance, while the highest put writing is seen at 23,000.

    • Significant put option writing at 23,400, 23,500, and 23,600 suggests a base formation, implying that Nifty is not expected to fall below 23,400 before the next expiry.

    • Nifty futures closed at 23,731.25, up by 0.80%.

    • The put-call ratio has increased by 0.24, now standing at 1.38.

  2. Bank Nifty:

    • Bank Nifty experienced a strong upmove, shifting call writing to the 53,000 level.

    • The highest call writing is at 54,000, presenting a crucial resistance, while the highest put writing is at 51,000.

    • Strong put option open interest addition at 51,500 and 52,000 indicates market participants' confidence that Bank Nifty will stay above 52,000 until the next expiry.

    • The put-call ratio for Bank Nifty has increased by 0.38, now at 1.61.

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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