Stock Market : How might the market trends be on 3rd July?
Stock Market: How will the market perform on July 3?
Market outlook: For bulls, there will be support at 19050 and 19000. On the upside, resistance will be around 19300-19400. However, slipping below 19000 could lead to increased weakness. Meanwhile, as long as Bank Nifty remains above 44300, there is a possibility of further gains. These gains could potentially reach 45000-45300.
Indian benchmark indices ended flat in the highly volatile session on July 2. At close, the Sensex was down 34.74 points or 0.04 percent at 79,441.45, and the Nifty was down 18.20 points or 0.08 percent at 24,123.80.
As we approach the 3rd of July, investors and traders are eagerly anticipating the stock market trends. Several factors will influence the market movements on this day, and understanding these can help in making informed decisions.
Firstly, economic data releases, such as employment reports and consumer confidence indexes, will play a crucial role. Positive reports may boost market sentiment, while negative ones could lead to a downturn. Additionally, any announcements from the Federal Reserve regarding interest rates can significantly impact the market. Investors should keep an eye on any signals about potential rate hikes or cuts.
Secondly, global market trends will also influence the domestic market. Events in major economies like the US, China, and the European Union can have a ripple effect. For instance, any trade agreements or geopolitical tensions can cause volatility.
Rupak De, Senior Technical Analyst, LKP Securities
The Nifty faced profit booking around 24,200, leading to a close 100 points off the high. The sentiment is likely to favor selling on rallies until it moves above 24,250. On the lower end, 24,000 is likely to act as immediate support for the Nifty. A fall below 24,000 might trigger a correction towards 23,850/23,700.
Share Market Highlights: Sensex, Nifty ends lower! Nifty holds 24,100, Sensex near 79,400 Bank Nifty index ends 400 points lower at 52,200
Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices ended Tuesday’s trading session in the negative territory. The NSE Nifty 50 dropped 18.10 points or 0.07% to settle at 24,123.85, while the BSE Sensex falls 34.73 points or 0.04% to 79,441.46. The broader indices ended in negative territory, with fall led by Small-cap and Mid-cap stocks. Bank Nifty index ended lower by 406.65 points or 0.77% to settle at 52,168.10. Media and IT stocks outperformed among the other sectoral indices while PSU Banks and Auto stocks shed.
Vinod Nair, Head of Research, Geojit Financial Services
The domestic market took a breather, resonating with the mixed global trend, with the ECB showing caution regarding further rate cuts. In sectoral trends, IT stocks gained due to expected increases in discretionary spending, while auto stocks declined following lower-than-expected monthly volumes. The investors are closely monitoring the progress of the monsoon, the forthcoming Union budget, alongside the US election, which can have potential global economic implications. Recent spikes in US Treasury yields and a gradual rise in crude oil prices are affecting market trends.
Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities
The Bank Nifty index witnessed selling pressure from higher levels and faced rejection at the 52400-52500 levels. The index remains in a sell-on-rise mode with the next immediate support at the 52000-51800 zone. If the index fails to hold this support, it can witness further selling pressure towards the 51400-51300 level.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities
After showing a sustainable upside bounce from the lows on Monday, Nifty shifted into a choppy movement at the new highs on Tuesday and closed the day lower by 18 points. After opening at the new all-time high of 24236 levels, the market was not able to show follow-through upmove since opening. Narrow range movement with weak bias continued in the mid to later part and Nifty closed near the lows.
A small negative candle was formed on the daily chart at the new highs, which is indicating a lackluster type movement in the market. This pattern also signals tiredness in the market at the new highs.
The overall trend of Nifty remains positive. Further consolidation or minor dips from here could be a buying opportunity, as per the bullish pattern of higher tops and bottoms. Nifty as per long term chart remains strong and one may expect upside momentum to resume shortly after the consolidation movement. Immediate support is at 23980. The next upside resistance to be watched around 24400.
Prashanth Tapse, Senior VP (Research), Mehta Equities
Markets had touched fresh highs in early trades on fresh optimism but failed to capitalise on it and slipped into the red to languish in negative territory thereafter. Weak European and Asian cues coupled with a negative sentiment in Dow Futures fuelled profit-taking in banking, telecom and auto shares.
Aditya Gaggar Director of Progressive Shares
The markets began the session at yet another record level of 24,230 but a fall in the Mid and Smallcap segments dragged the Index lower to remain rangebound for the rest of the day. With a loss of 18.10 points, Nifty50 settled the trade at 24,123.85.
Among the sectors, the IT sector was the top gainer followed by Media; and on the flip side, PSU Banks and FMCG were the major laggards. Mid and Smallcaps corrected by 0.78% and 0.45% and underperformed the Frontline Index.
Nothing has changed as the strong uptrend is intact and buying on dips will be an ideal strategy. The downside seems to be protected at a psychological support of 24,000 while 24,230 will be an immediate resistance.
Market Close | Sensex, Nifty end flat amid volatility; auto, banks drag, IT shines
Indian benchmark indices ended flat in the highly volatile session on July 2.
At close, the Sensex was down 34.74 points or 0.04 percent at 79,441.45, and the Nifty was down 18.20 points or 0.08 percent at 24,123.80. About 1740 shares advanced, 1686 shares declined, and 72 shares unchanged.(LINK)
Top Nifty gainers were L&T, Wipro, Infosys, HDFC Bank and TCS, while losers were Shriram Finance, Bharti Airtel, Kotak Mahindra Bank, Tata Motors and IndusInd Bank.
On the sectoral front, capital goods, Information Technology, realty and oil & gas rose 0.3-1 percent, while bank, auto, FMCG, power down 0.3-0.9 percent.
The BSE midcap index shed 0.5 percent while smallcap index ended flat.
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| COFORGE LTD. | 5,659.75 | 2.56 | 1.04m |
| Wipro | 537.45 | 1.92 | 17.70m |
| Infosys | 1,619.05 | 1.78 | 9.93m |
| TCS | 4,016.60 | 0.97 | 2.18m |
| HCL Tech | 1,481.05 | 0.83 | 3.70m |
| LTIMindtree | 5,471.75 | 0.45 | 482.34k |
| MphasiS | 2,505.95 | 0.44 | 1.28m |
| Persistent | 4,497.65 | 0.03 | 676.96k |
NIFTY IT Top Stock Losers (Intra-day)
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| L&T Technology | 5,025.05 | -0.33 | 146.55k |
| Tech Mahindra | 1,470.60 | -0.1 | 1.98m |
Sensex, Nifty trade flat
The Sensex was down 20.88 points or 0.03 percent at 79,455.31, and the Nifty was down 15.60 points or 0.06 percent at 24,126.40.
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