The domestic market succumbed to profit-booking on Friday, July 7 as heat waves from weak global markets hit the Indian shores. Investors are eagerly awaiting retail inflation data from US and India, to be released this week, which would also provide some cues to domestic equities.
"The key is to manage positions amid the consolidation phase as we generally see volatility swings. We thus recommend keeping a check on position size and maintaining strict risk management rules in place," said Ajit Mishra, SVP - Technical Research, Religare Broking. Cyient DLM, LTI Mindtree, Cipla are among stocks to watch on Monday.
Shares of LTIMindtree will be in focus on Monday as the stock will trade ex-dividend. The company had announced a dividend of Rs 40 per equity share along with their Q4FY23 results.
Cyient DLM is set to make its debut on Dalal Street on Monday, July 10. The grey market premium (GMP) of the listing-bound player rose ahead of listing. On Friday, shares of Cyient DLM were commanding a GMP of Rs 130-135 per share, about 50% higher from its issue price of Rs 265 apiece.
Cipla Ltd on Friday said its wholly-owned subsidiary Cipla USA Inc is voluntarily recalling the six batches of Albuterol Sulfate inhalation Aerosol 90 mcg, manufactured in November 2021, to the consumer level, due to container defect.
Olectra Greentech has bagged a contract worth Rs 10,000 crore from Maharashtra State Road Transport Corporation (MSRTC). The company received a letter of intent from MSRTC to supply, operate, and maintain 5,150 electric buses, allied electrical, and civil infrastructure on gross cost contract basis. These buses will be delivered over a period of 24 months.
State-owned NTPC Ltd on Friday said its installed capacity at the group level has reached 73,024 MW-mark post addition of unit-2 of 660 MW capacity of Stage-I (3 x 660 MW) of Barh Super Thermal Power Project in Bihar. In the first quarter of FY24, the production from NTPC's captive coal mines witnessed a significant increase, reaching 8.48 million metric tonnes (MMT).
PVR INOX has opened 15 screens across two new multiplexes. The multiplexes consist of 10 screens in Delhi and 5 screens in Ahmedabad. This strategic move aligns with the company's medium and long-term plans to accelerate the expansion of screens in key markets. With this, PVR INOX has a total of 456 screens in 102 properties in North India and 297 screens in 69 properties in Central India.
“The Nifty experienced a significant decline after failing to maintain its position above 19,500. This drop led to the index falling below the 21EMA on the hourly chart, indicating an increasing bearish sentiment in the market. Furthermore, the hourly RSI has shown a bearish crossover, adding to the negative outlook. The immediate support level is identified at 19,300, while the resistance level remains at 19,500,” said Rupak De, Senior Technical analyst at LKP Securities.
“The hurdle for Bank Nifty is currently at 44,500, where aggressive fresh call writing is observed. This level is expected to act as a resistance for further upside movement. If the index manages to sustain below 45,000 on a closing basis, it is likely to continue its downward momentum towards the levels of 44,500 and 44,200," said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.
Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today. Investors should consult their financial advisors before taking any position