Nity trade setup: The Indian stock market saw business within a limited range on Tuesday, July 1. The Nifty showed stability on Monday after a gain of around 700 points in four consecutive sessions and the scope became further limited on Tuesday. The Nifty closed in green mark after fluctuations in the scope of 90 points of the whole day. However, the index could not cross the new levels.
What levels will be important for Nifty on Wednesday, July 2, will understand it from experts. But, before that we know what happened in the market on Tuesday.
Reliance and banking shares get support
Reliance Industries was the most important contributor to the limited lead of Nifty, which has been in the lead in four of the last five sessions. On Tuesday, the stock saw a boom after Nuwama gave a target of ₹ 1,801. It is just 5% from record high from the current level.
At the same time, recovery was also seen in banking shares. The Nifty Bank index closed up 150 points. It came up 300 points from the lowest levels of the day. PSU banks played a major role in this, which closed firmly for the sixth consecutive day. During this period, the government bank index has pairing a market capital of about ₹ 80,000 crore.
Technical signal and support resistance level
Osho Krishnan of Angel One believes that this performance of Nifty indicates ‘time correction’ after a recent boom. The next support for Nifty is between 25,400–25,300, which approaches 78.6% Fibonacci Retress level. The zone resistance of 25,670–25,740 will remain at the top.
Sudeep Shah of SBI Securities says that the daily chart of the Nifty has a dosy candlestick, indicating uncertainty and possible changes in the market. If the Nifty goes below 25,350, then the next strong support is believed to be at 25,200. At the same time, the level of 25,600–25,630 on the top will remain immediate resistance.
Ever watching international and domestic events
The market is now on the Indo-US trade agreement, which is likely to be finalized before the July 9 deadline. The US Treasury Secretary has also described next week as important for trade deals.
At the domestic level, companies have started giving June quarter business updates. Investors will keep an eye on the performance of banking and FMCG companies, especially in the coming days.
Stocks to watch for Wednesday
- Asian paints: The CCI has ordered an inquiry into the allegations of ‘dominance of dominance’ against Asian Paints. This complaint was made by Grasim Industries and the investigation will be completed in 90 days.
- Hyundai motor india: The company’s total sales were 60,924 units in June, of which 44,024 units sold in the domestic market. The SUV was 67.6% of the sale.
- Maruti Suzuki India: The total sales fell by 6.3% to 1.68 lakh units in June. Domestic sales declined by 12.2% but exports increased by 21.9% to 37,842 units.
- Lupin: USFDA has approved the Anda of Lupin’s Lotprednol Etabonate Opthalmic Jail. It is used in the treatment of swelling and pain after eye surgery.
- Jsw energy: The company has tied up with Rajasthan Electricity Production Corporation (RVUNL) for 250 MW/500 MWH battery energy storage system.
Also read: Stocks to Watch: These 16 stocks will be in focus on Wednesday, you can get a chance to earn strong earnings
