Stock market today: Nifty, Sensex open flat, Tata Motors, ONGC take lead
Jul 8, 2024, 09:59 IST
Both indices, Nifty and Sensex, opened on a flat note. As of 10 am, Nifty was trading at 24,288.70 points, down by 0.14%, while Sensex was trading at 79,831.90, down by 0.21%.
As for broad market indices, India VIX saw a substantial jump at 5.94%. All other indices opened in red except for Nifty's Next 50, smallcap 100, and 250. Amidst sectoral indices, Nifty consumer durables dipped by 1.31%, while except for Nifty Auto, FMCG, and IT, all other indices were trading in red.
As Aditya Gaggar, director of Progressive Shares, notes, "We are positive on the Index with a buy-on-dip recommendation. The immediate support is placed at 24,150, while for the time being, the higher side is capped at a cluster of 24,450–24,570. Bearish divergence in BankNifty is likely to restrict the upside of the index. Once again, heavyweight Reliance has given a breakout, indicating a continuation of its uptrend, and is likely to push the sector higher.
"ONGC has also given a breakout. Investors should keep an eye on the IT space, as it's on the verge of providing a major consolidation breakout. The pharmaceutical sector and some of its components have had a strong breakout, suggesting an extension of its upmove. We have identified a few stocks from the mid-and small-cap segments that have delivered a strong breakout, namely, AGI Greenpac, Castrol India, Diamines Chemicals, HBL Power, Shree Pushkar, and Shivalik Rasayan," he continued.
Sameet Chavan, Head Research, Technical and Derivatives, Angel One, highlights that "the collective involvement of mid-small caps and index heavyweights has significantly boosted market sentiment, laying a strong foundation for positive market dynamics. The bulls have shrugged off overbought conditions and propelled major key indices to unprecedented highs. Despite the Nifty remaining technically stretched, there are no indications of the vertical rally losing steam. It is crucial to approach this scenario cautiously, and avoid being swayed by the prevailing trend.".
"As far as levels are concerned, 24,200 is likely to provide a cushion for any short-term blips, followed by robust support at the 24000 mark for the upcoming week. On the higher end, we anticipate 24,400–24.500 to provide resilience for the index in the comparable period. In the coming days, we anticipate the benchmark index undergoing a period of consolidation, potentially alleviating the stretched parameters. Market sentiment remains positive, with sectoral rotation contributing to a strong undertone. In the meantime, we encourage traders to remain vigilant and consistently secure profits at regular intervals", he continues.
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As for broad market indices, India VIX saw a substantial jump at 5.94%. All other indices opened in red except for Nifty's Next 50, smallcap 100, and 250. Amidst sectoral indices, Nifty consumer durables dipped by 1.31%, while except for Nifty Auto, FMCG, and IT, all other indices were trading in red.
As Aditya Gaggar, director of Progressive Shares, notes, "We are positive on the Index with a buy-on-dip recommendation. The immediate support is placed at 24,150, while for the time being, the higher side is capped at a cluster of 24,450–24,570. Bearish divergence in BankNifty is likely to restrict the upside of the index. Once again, heavyweight Reliance has given a breakout, indicating a continuation of its uptrend, and is likely to push the sector higher.
"ONGC has also given a breakout. Investors should keep an eye on the IT space, as it's on the verge of providing a major consolidation breakout. The pharmaceutical sector and some of its components have had a strong breakout, suggesting an extension of its upmove. We have identified a few stocks from the mid-and small-cap segments that have delivered a strong breakout, namely, AGI Greenpac, Castrol India, Diamines Chemicals, HBL Power, Shree Pushkar, and Shivalik Rasayan," he continued.
Stocks in Action
Tata Motors, ONGC, Tech Mahindra, Wipro, and Hero Moto Corp took the lead in early morning trade, while Titan, Divis Labs, Shri Ram Finance, Asian Paints and Adani Ports were among the laggards.Advertisement
"As far as levels are concerned, 24,200 is likely to provide a cushion for any short-term blips, followed by robust support at the 24000 mark for the upcoming week. On the higher end, we anticipate 24,400–24.500 to provide resilience for the index in the comparable period. In the coming days, we anticipate the benchmark index undergoing a period of consolidation, potentially alleviating the stretched parameters. Market sentiment remains positive, with sectoral rotation contributing to a strong undertone. In the meantime, we encourage traders to remain vigilant and consistently secure profits at regular intervals", he continues.