Nifty:19384.5/-55.1/-0.28%%;Candle:OGU,Short day red; Bank Nifty:44639.45/-105.6/-0.24% Candle:OF ; Short day red”HB:1642,Short day red,OF,
Nifty :Supp Rest
Banknifty:Supp Rest .
SGX Nifty:% FII Long72%FutCash;-1242;Opt93%
OI data Nifty ( max pain W19400M)
OI data Bank Nifty Nifty(max pain W M)
News:The GIFT Nifty indicates a flat start for the broader index with a loss of 11.5 points on Thursday. The futures stood at 19,553.5. A bruised dollar was nudged lower still in Asia on Thursday, as traders took surprisingly slow U.S. inflation as a signal U.S. interest rate rises will be all but finished by month’s end. India’s third largest IT services firm HCLTech on July 12 reported 7.6 percent year-on-year (YoY) growth in net profit in the first quarter of fiscal 2024 ended on June 30, 2023. Sequentially, however, net profit was down by 11.2 percent due to ramp downs in deals and verticals like Hi-tech and telecom. India’s headline retail inflation rate snapped its four-month falling streak and rose to 4.81 percent in June from 4.31 percent in May, pushed up by a rise in vegetable prices and fading away of the favourable base effect, data released by the Ministry of Statistics and Programme Implementation on July 12 showed.
Events/Results:Wipro, Federal Bank, Aditya Birla Money, Tata Metaliks, Angel One, Avantel, Bhansali Engineering Polymers, GI Engineering Solutions, Sterling and Wilson Renewable Energy, and Unitech will be in focus ahead of quarterly earnings on July 13.
The NSE has added Hindustan Copper to its F&O ban list for July 13, while retaining Indiabulls Housing Finance, India Cements, Manappuram Finance, Punjab National Bank, and Zee Entertainment Enterprises, and removing BHEL, Delta Corp, and Granules India.
Market wrap up(DWM,T,N,E): The market continued its volatility for yet another session and closed a third of a percent lower on July 12 as the participants may be cautious ahead of inflation data announced later in the day. CPI inflation for June increased to 4.81 percent, from 4.25 percent in the previous month and core inflation rose to 5.1 percent from 5 percent in the same period. The BSE Sensex fell 224 points to 65,394, while the Nifty50 climbed above 19,500 for yet another session but failed to hold on to the same, declining 55 points to 19,384 and forming a long bearish candlestick pattern on the daily charts, with above-average volumes. “A long negative candle formed on the daily chart is indicating a lack of strength in the market to surpass the crucial overhead resistance of 19,500. The Nifty remained in a broader high-low range of 19,500-19,300 levels as of now. As per its range movement, the market is placed at the immediate support of 19,300 levels,” “A long negative candle formed on the daily chart is indicating a lack of strength in the market to surpass the crucial overhead resistance of 19,500. The Nifty remained in a broader high-low range of 19,500-19,300 levels as of now. As per its range movement, the market is placed at the immediate support of 19,300 levels,” Nagaraj Shetti, technical research analyst at HDFC Securities said.
On a move below 19,300, he believes that the market is likely to find another important support of 19,100-19,000 levels. Fresh buying interest could only emerge on a decisive move above 19,500 levels, he said. However, the broader markets outperformed frontliners as the Nifty Midcap 100 index gained 0.4 percent and Smallcap 100 index rose 0.8 percent, while the volatility dropped further to near historic levels, with the India VIX falling by 0.7 percent to 10.94 levels.
