Global cues:
• USA Markets fell on Tuesday as Rising U.S. Covid Cases Force Reopening Rollback in many states in USA.
• WHO warned as they quote would not "be a surprised" if the global death toll from the coronavirus begins to rise following an increase in infections.
• On the economic front, a record surge in hiring in May was downplayed amid growing the recovery in the labor market is limited.
• But Dow futures trading higher in the morning and Asian markets are in Mixed.
• SGX Nifty is trading at 40 points higher. we can expect nifty to open with slight gap up.
Indian markets:
• On Tuesday nifty opened flat and made moves on both downside and upside and finally ended 0.33% up forming a Hanging man Bearish candle (reversal of trend).
• Nifty extended its gain for 5th consecutive day.
• FII’s were net buyers of worth Rs. 839.90 Cr while DIIs are net sellers of worth Rs 784.47 Cr.
• Markets were rangebound yesterday without any trend but selloff was seen again at 10800 levels.
• Overall markets looks like they will reverse. But we have seen similar kind of pattern on Friday as well where markets continued its bull run on Monday.
• According to us, any fresh positions here should be avoided, and one should wait for 11000 level to cross for any long term investment.
• There was a good upside in IT & banknifty. Infact, inrecent times BankNifty supported nifty for the first time from further falliing.
• Reliance has seen selling pressure. But interestingly, Nifty was supported from falling mainly because of Infosys, ICICi Bank & bajaj Finance.
• If bank nifty can support nifty today, nifty may touch 10900 today.
• India has reached the third Position on the COVID chart globally, with 7,40,000 cases of Corona.
• Nifty’s expected range today can be 10650 to 10920. Expect heavy volatility on wednesday.
• Resistance levels: Support levels:
10820 10760
10840 10710
10900 10670
• Maximum call OI of 22.4 lakh contracts was seen at 11,000 strike, which will act as crucial resistance in coming days.
• Maximum put OI of 17.82 lakh contracts was seen at 10,500 strike, which will act as crucial support in the coming days.
• Also, Nifty current P/E ratio is 28.13 which is also its resistance zone historically.
Buzzing stocks of day :
• We gave a ambitious target of 6% upside in bajaj finance on intraday basis. Hope someone catched it yesterday, and it rallied 8 percent, its assets under management (AUM) under moratorium declined from 27 per cent, at the end of April 2020, to about 15.5 per cent at the end of June 2020.
• Gujarat Pipavav Port up by 13 percent intraday as it handled 622 container trains during lockdown.
• Escorts seeing buying interest as it had scaled 52 week high on Tuesday.
• Bandhan Bank may see some selling in the last half an hour with market depth ending negative after 10.6 percent rise on Tuesday. The stock may see 380 levels on Wednesday.
• M&M Financial Services surged 11.7% on Tuesday. Expect the stock to test 210 levels with support being at 193.
• TCS will be in focus ahead of its results.
Results on July 8:
South Indian Bank, Automotive Stampings, Dish TV India, Kokuyo Camlin, Prozone Intu Properties, Radha Madhav Corporation and Swelect Energy Systems.
Source: moneycontrol
Disclaimer
Please note that all the recommendations/views/ levels we provide are based on the theory of technical/fundamental analysis and personal observations. This does not claim for sure/ certain profit or any fix returns. we are not be liable for any losses you make on the given takes and levels. You are advised to take your position with your sense, discretion and judgment. only you would be responsible for outcomes of your trades
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