Markets End the Week in Red. Titan Hits Fresh 52-Week Low - Post Market Report
Markets stay flat as bulls and bears fight after yesterday’s fall.
NIFTY opened with a slight gap-down at 15,306. The index fell to the 15,200 level but managed to bounce back up. Mostly the index moved sideways with huge volatility. NIFTY closed the day at 15,293, down by 67 points or 0.44%.
BANK NIFTY started the day with a gap-down at 32,743 and fell. The index took support near 32,300 and shot back up. The day was filled with such falls and upmoves. Bank Nifty ended the day at 32,743, up by 126 points or 0.39%.
NIFTY Pharma (-2.1%) and NIFTY IT (-1.4%) fell in the day. FMCG (-0.97%) and Auto (-1.1%) stocks also had a tough trading session.
Major Asian markets closed mixed in the day. European markets are all trading in the green currently.
Bajaj Finance (+2.5%) and Bajaj Finserv(+2.4%) closed as the top-gainers after falling sharply yesterday.
Titan (-6%) fell more than 6% in the day, hitting the lowest since last August.
Sun TV (+5.7%) moved up after Kotak Equities upgraded its view on the stock.
Rama Steel Tubes (+4.8%) board has scheduled its meeting on July 05 to consider and approve the
sub-division of equity shares.
Delta Corp (+12.3%) closed very well as its gaming arm filed IPO papers with SEBI.
Rajesh Exports (+6.2%) has confirmed the news saying that the company is setting up an e-display unit in Telangana, an investment of Rs 24,000 crore.
Wipro (-4%) fell sharply today, and is down 45% from its all-time highs.
Nifty has formed a red weekly candle again, marking the lowest close since the week ended May 24 of last year. It’s time to add 14,900-15,000 as the next major support zone to the watch list.
Considering the performance in recent weeks, we must be watching 14k also as a strong support, which is near to the Fibonacci level.
It is not easy to digest that the market has given up one year's gain. Bank Nifty has fallen nearly 5% this week compared to last week.
But Reliance is trading at a higher level and showing strength. Now that the shock of the interest rate hike is done, Reliance can act as a boost for NIFTY.
The U.S. market futures are trading higher, and might end in green tonight. Along with global market movements, we can watch if NIFTY manages to close above the 15,750 zone in the coming week.
U.S markets will closed on Monday, enter your trades keeping this in mind.
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