Table of Contents
Indian Stock Market – Global News Stock Market :
- Sensex and Nifty 50 expected to open flat to negative.
- Influenced by mixed global cues.
US Economy – Global News Stock Market:
- Job growth slowed in June.
- Debates on potential rate cuts by the Federal Reserve.
Asian Markets – Global News Stock Market:
- Mixed opening.
- Japan’s Nikkei 225 fell.
- South Korea’s Kospi rose.
Wall Street – Global News Stock Market:
- Record highs for Nasdaq and S&P 500.
- Driven by tech stock rallies.
Indian Economy – Global News Stock Market:
- Finance Minister Sitharaman to unveil the Union Budget 2024-25 on July 2.
- Crude Oil Prices:
- Mixed trends.
- Brent slightly down.
- WTI declining.
Japan Economy
- Real wages fell for the 26th consecutive month in May.
- China’s Central Bank:
- Aims to maintain liquidity through temporary operations.
- US Financial Indicators:
- US dollar index rose slightly.
- Treasury yields fell, anticipating rate cuts.
- Securities in Ban Period:
- Aditya Birla Fashion and Retail
- Bandhan Bank
- GNFC
- Piramal Enterprises
- India Cement
- Hindustan Copper
Date: 03rd July 2024
Nifty Insights
- Influencing Factors:
- Reliance Industries, HDFC Bank, and the IT sector played key roles in Nifty’s movements.
- Technical Analysis:
- A long green candle with a higher high-higher low formation on the weekly chart.
- Formation of a bullish counterattack candle pattern suggests potential upside.
- Weekly Performance:
- Nifty saw a weekly gain of 1.3%.
- A sharp spike in Reliance Industries helped the index close in the green.
- Key Levels:
- Support levels: 24,100 and 24,000.
- Resistance levels: 24,400 to 24,500.
Bank Nifty Insights
- Influencing Factors:
- HDFC Bank’s performance significantly impacted Nifty Bank’s movements.
- Weekly Performance:
- Nifty Bank recorded a weekly gain of 0.6%, despite HDFC Bank’s volatility.
- Technical Analysis:
- Noted a lower high-lower low formation.
- A breakout above 53,100 could signal the resumption of the uptrend.
- Key Levels:
- Support levels: 51,990 and 51,700.
- Resistance levels: 53,000 to 53,200.
Nifty Call Options Data
- Maximum Open Interest:
- At the 25,000 strike (72.14 lakh contracts), indicating a key resistance level.
- Significant Call Writing:
- At the 24,800 strike (21.55 lakh contracts).
- Call Unwinding:
- At the 23,500 strike (11,975 contracts).
Nifty Put Options Data
- Maximum Open Interest:
- At the 24,000 strike (57.89 lakh contracts), indicating a key support level.
- Significant Put Writing:
- At the 24,200 strike (18.53 lakh contracts).
- Put Unwinding:
- At the 23,200 strike (2.01 lakh contracts).
Conclusion
The current market dynamics present a mixed yet cautiously optimistic outlook. Despite the Indian stock market’s anticipated flat to negative opening, influenced by mixed global cues, there are positive undercurrents driven by specific sectors and stocks. The record highs achieved by Nasdaq and S&P 500 on Wall Street, propelled by tech stock rallies, provide a promising backdrop for global markets.
Key economic events such as the unveiling of the Union Budget 2024-25 by Finance Minister Sitharaman and potential rate cuts by the Federal Reserve are poised to influence market trajectories significantly. Additionally, technical analysis and options data reveal strong support and resistance levels, suggesting potential opportunities for savvy investors.
Overall, while certain global and domestic economic indicators show signs of volatility and mixed trends, the resilient performance of major sectors and strategic stocks offers a glimmer of hope for sustained market growth. Investors are encouraged to stay informed and leverage these insights to navigate the evolving market landscape effectively.
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Disclaimer
The information provided in this blog post is for educational and informational purposes only. It should not be construed as financial advice or a recommendation to buy or sell any securities. Always do your own research and consult with a qualified financial advisor before making investment decisions.
