Daily Market Update- Equity 20 July 2023 | Globe Capital Market LTD.
Daily Market Update- Equity 20 July 2023

The benchmark Nifty index extended gains for the fourth straight trading session, settled above 19800 levels after adding over 80 points to its previous closing values after highly volatile trading session.

Overview and Outlook

Global Market Update

  • US equity markets settled on a flat to positive note
  • European equity markets ended mix, FTSE was up 1.77% while DAX, and CAC ended on a flat note
  • Asian equity markets are mix
  • GIFT Nifty is little changed (as on 8:35AM)


News highlights from across the globe

  • Asian markets are trading mix as U.S. stock futures slipped in early Asia trading after earnings from companies including Netflix Inc. and Tesla Inc.
  • Brent crude was below $80 a barrel and the yield on the 10-year U.S. bond was trading at 3.75%


Important news updates from the domestic front

  • Dr Reddy’s Laboratories received zero observations and no action from USFDA at its API manufacturing facility in Srikakulam. The inspection was conducted from July 10 to 19
  • Olectra Greentec has awarded a Rs 395.12 crore contract to Megha Engineering & Infrastructure to construct a greenfield electric vehicle manufacturing facility at Seetharampur, Hyderabad..
  • Shree Cement received an inspection notice from the Ministry of Corporate Affairs. The company said it will comply with the directions.
  • TTK Prestige resumed manufacturing operations at the Roorkee plant after the floods on July 18. It estimated a loss of movables of about Rs 40 lakhs. The entire area is under red alert for the next two days.
  • LIC: Sat Pal Bhanoo, additional zonal manager at Zonal Office, LIC of India, Bhopal, has been appointed as Managing Director of LIC India.
  • Reliance Industries: Reliance Strategic Investments has appointed Isha Ambani and Anshuman Thakur as non-executive directors. It also appointed Hitesh Kumar Sethia as managing director and chief executive officer for three years.
  • PNC Infratech signed a concession agreement with the National Highways Authority of India for three Hybrid Annuity Mode projects worth Rs. 3264.43 crore.


Nifty Overview & Outlook

The benchmark Nifty index extended gains for the fourth straight trading session, settled above 19800 levels after adding over 80 points to its previous closing values after highly volatile trading session.

Broader market outperformed the benchmark as Midcap & Small cap index were up by 0.83% and 0.78% respectively.

All the sectoral indices, barring Nifty IT index, tracked at NSE settled in the green. Amongst them, Nifty PSU Bank was at the top of the tally rose nearly 2% followed by Media and Consumer Durable index that were up 1.15% and 0.97% respectively.

Nifty index is well placed on multiple time frames, however, possibility of some profit taking can’t be ruled out at this juncture. Going ahead, we reiterate our bullish view on Nifty index and suggest traders to maintain buy on dips trading strategy till index is holding above 19450 levels on closing basis.


Derivatives Overview & Outlook

Yesterday, all three major index futures showing mixed data formation. Nifty & Banknifty future added around 2% & 7.5% of open interest respectively as long buildup whereas Finnifty futures open interest decreased by 12% on short cvovering.

Majority of F&O sectors settled higher. Amongst them, Capital good, Media and Power stocks witnessed maximum addition of long positions.

On options front, put writing was seen at multiple strikes along with call writing at 19900  and higher strikes, and maximum positions are at 19800 PE and 20000 CE.


Institutional Trading Activity

Yesterday, FIIs bought stocks worth Rs 1165 Cr in the cash segment, bought stocks futures worth Rs 2399 Cr and sold index futures worth 460 Cr. DIIs were net seller in the cash segment to the tune of Rs 2134 Cr.


Nifty Futures & Bank Nifty Futures Key Levels

Nifty – Resistances 19900-19980; Supports 19650-19580

Banknifty – Resistances 45900-46150; Supports 45300-45000

Finnifty – Resistances 20500-20620; Supports 20130-20000






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