TATA Power company secures Rs, 1744 crore new project, Marico’s Q1 FY24 Volume Growth Impacted

The Markets Today in a nutshell

Technical Overview – Nifty 50

After showing consolidation in the last couple of sessions, Nifty shifted into an upside bounce so far today and closed near a day high at 19,497 levels with a daily gain of 98 points. The positive takeaway from today’s trading session was that despite the rise in volatility and pessimism, Nifty managed to hit the psychological 19500 mark.

In the Nifty option chain (13th July expiry) Highest OI on the call side is placed at 19,500 strikes (~52.23 lakh contracts) and the Highest OI on the put side is placed at 19,400 strikes (~53.29 lakh contracts). Overall, as per current data, PUT Writers have bigger Bets! Apparently, we could see a flat to positive momentum.

For the trend trader’s now 19,375 would be the sacrosanct support. Above this, the market could rally to 19,575 – 19,600 levels. On the flip side, below 19,375 uptrends may pause for a while. Below the same, we could see a quick correction to 19,300 levels.

Technical Overview – Bank Nifty

After two consecutive days of Doji formation, the Bank Nifty on the weekly expiry day showed optimism and formed a green candle, and closed above 45,300 levels. On the intraday chart, the Banking Index has witnessed a breakout of a consolidation zone.

The index on the daily chart continues to trade in a higher high formation.
In the Bank Nifty option chain (13th July expiry) Highest OI on the call side is placed at 46,000 strikes (~19.25 lakh contracts) and the Highest OI on the put side is placed at 45,000 strikes (~21.64 lakh contracts). Overall, as per current data, PUT
Writers have bigger Bets! Apparently, we could see a flat to positive momentum.

For the trend trader now 45,000 would be the sacrosanct support. Above this, the market could rally to 45,700 – 45,850 levels. On the flip side, below 45,000 uptrends may pause for a while. Below the same, we could see a quick correction to 44,600 levels.

Indian markets

• Domestic equity benchmarks advanced on Thursday, driven by foreign fund inflows.
• Trading was volatile due to the expiry of weekly index options on the NSE.
• Nifty closed near the 19,500 mark.
• Mid- and small-cap sectors outperformed the benchmark indices.
• Real estate, oil & gas, power, and consumption stocks led the gains.
• Global markets showed a weak trend influenced by hawkish FOMC minutes and US-China conflicts.
• Attention now shifts to forthcoming data releases, including ADP nonfarm employment and initial jobless claims data, for insights into the Federal Reserve’s strategy.

Global Markets

• The Dow Jones index futures were down 154 points, indicating a weak opening in the US stocks today.
• Markets in Europe and Asia tumbled on Thursday following overnight losses in the US stocks after hawkish signals from the Federal Reserves latest meeting minutes.
• US stocks dipped after the minutes from the Federal Reserves June monetary policy meeting showed officials intend to resume raising interest rates after a pause last month. The minutes come ahead of US payrolls data, due out on Friday.
• Almost all officials who participated in the June Federal Open Market Committee meeting said that additional increases in interest rates would be appropriate, citing risks including the ?tight? labour market, the minutes revealed on Wednesday.

Stocks in Spotlight

• Tata Power Company saw a 3.56% increase as they were granted the Letter of Award (LoA) for a smart metering project by Chhattisgarh State Power Distribution Company Limited (CSPDCL). The project, worth approximately Rs 1,744 crore, is set to be carried out over a span of 10 years.
• JSW Steel witnessed a 0.39% increase as it announced an impressive consolidated crude steel production of 6.43 million tonnes in Q1 FY24, reflecting an 11% growth compared to the 5.77 million tonnes recorded in Q1 FY23. Additionally, JSW Steel is set to replace Housing Development Finance Corporation (HDFC) in the prestigious 30-share benchmark S&P BSE Sensex, effective from 13 July 2023. This development comes as a result of the completion of the significant corporate merger between HDFC and HDFC Bank.
• Marico, a leading FMCG company, experienced a 2.07% decline in its share value following the announcement of its Q1 FY24 performance. The company revealed that its India business witnessed low-single digit volume growth during this period, primarily attributed to significant trade destocking in Saffola edible oils and channel inventory adjustments in core portfolios. Marico reported minor volume drop in Parachute coconut oil, low double-digit volume growth in Saffola edible oils, and a relatively flat quarter for Value Added Hair Oils.

Read More- Core Manufacturing Industries Reach New Heights!

News from the IPO world🌐

• EbixCash IPO expected to hit market in July 2023
• SPC Life Sciences gets SEBI’s go ahead to float IPO
• Senco Gold IPO booked 2.68 times by second day of bidding

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