Daily Market Update- Equity 25 July 2023 | Globe Capital Market LTD.
Daily Market Update- Equity 25 July 2023

The benchmark Nifty index extended losses for the second consecutive trading session and settled below 19700 levels, down 72 points from its previous closing values after highly volatile trading session.

Overview and Outlook

Global Market Update

  • US equity markets settled higher in range 0.19% to 0.52%
  • European equity markets ended on a flat note.
  • Majority of Asian markets are trading on a positive note
  • GIFT Nifty is little change (as on 8:35AM)


News highlights from across the globe

  • China is set to lead Asian stocks higher on optimism of more economic stimulus to come from Beijing, while Wall Street markets started the week with gains ahead of key central bank rate decisions.
  • Brent crude was above $82 a barrel and the yield on the 10-year U.S. bond was trading at 3.87%


Important news updates from the domestic front

  • Reliance Industries  will invest Rs 378 crore in Mercury Holdings, a 50:50 joint venture between Brookfield Infrastructure and Digital Realty. It also committed to further invest up to Rs 622 crore via equity and debt.
  • Maruti Suzuki The carmaker has recalled 87,599 S-Presso and Eeco models manufactured between July 5, 2021 and Feb. 15, 2023.The recall is over possible defect in a part of steering tie rod that may break and affect vehicle steerability and handling.
  • Vedanta: The company’s application under government’s Modified Semi-Scheme for fab manufacturing is under consideration for approval. The company will also apply for display manufacturing under the Modified Display-Scheme.
  • Federal Bank has approved to allocate 23 crore shares at Rs 131.9 apiece to eligible qualified institutional buyers.
  • SJVN has bagged five hydro power projects totalling 5097 MW in Arunachal Pradesh’s Dibang Basin. The investment will be worth Rs 50,000 crore.
  • Tata Steel approved to re-appoint T. V. Narendran as the chief executive officer and managing director of the company for a further period of five years from Sept. 19, 2023 till Sept. 18, 2028.
  • Wipro FullStride Cloud has partnered with data storage solutions company Pure Storage to incorporate sustainable technology practices into clients’ technology infrastructure.


Nifty Overview & Outlook

The benchmark Nifty index extended losses for the second consecutive trading session and settled below 19700 levels, down 72 points from its previous closing values after highly volatile trading session.

Broader market outperformed the benchmark as Midcap & Small cap index ended on a flat to positive note against 0.37% decline of frontline index; resultant, flat market breadth.

Performance on the sectoral front was mix. Amongst them, Nifty Healthcare and Pharma was the top performer, rose nearly 0.5% each. On the other hand, Nifty FMCG index was at the bottom of the tally, down 1.72% followed by Nifty Metal and Oil & Gas index that were down 0.7% each.

Technically, Nifty index closed below important psychological support i.e. 19700 levels. The immediate support for Nifty index is placed around 19500 levels and resistance is still around 19900 levels. Going ahead, we expect it to move sideways in near term till it is trading in 19500-19900 levels.


Derivatives Overview & Outlook

Yesterday, short buildup was seen in Nifty future and Finnifty future as both added around 1% and 12% respectively, Banknifty future decreased 8% of open interest as long unwinding.

On the sectoral front, fresh long buildup was seen among Capital Good, Finance, Media and Infra stocks whereas some short buildup was seen in Banking, Metals, Oil & Gas shares.

On options front, call writing was seen at multiple strikes and maximum positions are at 19800 CE and 19700 PE.


Institutional Trading Activity

Yesterday, FIIs sold stocks worth Rs 83 Cr in the cash segment, bought stocks futures and index futures worth Rs 1098 Cr and 316 Cr respectively. DIIs were net buyer in the cash segment to the tune of Rs 935 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 19850-19930; Supports 19555-19480

Banknifty – Resistances 46330-46500; Supports 45530-45400

Finnifty – Resistances 20630-20690; Supports 20360-20290






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