News:The Gift Nifty indicates a flat start for the broader index with a gain of 15 points on Monday. The futures stood at 19,360 points.India’s forex reserves dropped $2.901 billion to $593.198 billion in the week ended June 23, the Reserve Bank said on Friday.
Events/Results:The National Stock Exchange has added Indiabulls Housing Finance to its F&O ban list for July 3.
Market wrap up(DWM,T,N,E):The market reached new heights on the very first day of the July series, i.e. June 30, mainly backed by technology and banking & financial services stocks. The volatility also sustained at historic lows, indicating the markets may remain stable in the near future. “This surge in the Nifty followed a breakout from a period of consolidation, indicating strong bullish reversal. The overall trend appears positive in the near term as the index has consistently remained above its moving average,” Furthermore, he feels the momentum indicator RSI (relative strength index) has shown a bullish crossover on the daily timeframe, suggesting strong momentum. Looking ahead, “there is potential for the index to move towards 19,450 in the short term, indicating further upward movement. However, on the downside, there is support at 19,000,” Bulls also support the broader markets throughout week as the Nifty Midcap 100 and Smallcap 100 index gained 0.66 percent and 0.42 percent, respectively. The BSE Sensex rallied 803 points or 1.26 percent to 64,719, while the Nifty50 jumped 217 points or 1.14 percent to 19,189 and formed a bullish candlestick pattern on the daily charts, with making higher highs, higher lows formation for the third straight session.
