Market News
3 min read | Updated on July 18, 2024, 20:27 IST
SUMMARY
The NIFTY50 index is forming another bullish candle on the weekly chart and is showing early signs of closing above the previous week's high. Ahead of the Union Budget announcement next week, traders can closely watch the final formation of the weekly candle. A close above the previous week's high will be crucial for further gains.
Stock list
IT stocks ignite fresh breakout, NIFTY50 forms bullish gngulfing pattern
After a gap down start, markets remained volatile and consolidated in a narrow -range during the first half of the session. However, amid strong buying momentum in the heavyweight large-cap stocks, the NIFTY50 index zoomed past the 24,700 mark to hit a new all-time high. The index registered gains of 0.7% to close the day at 24,800.
Strong buying in IT (+2.2%) and FMCG (+0.9%) sectors led the index higher, while profit-booking was seen in Media (-3.5%), Metals (-0.8%) and Realty (-0.3%) sectors.
The NIFTY50 has formed a bullish engulfing pattern on the daily chart, overtaking the doji candlestick patterns of the previous two sessions. This move negates previous indecision patterns and resumes the uptrend with support at the 24,500 mark. As long as the index remains above this level, the trend may remain positive.
However, as the Union Budget announcement approaches, traders should remain nimble and cautious of profit-booking at higher levels.
Top gainer and loser in NIFTY50: LTIMindtree (+3.4%) and Hero Motocorp (-1.4%)
Sector rotation was clearly evident as the broader markets underperformed the benchmark indices. The NIFTY Midcap 100 index fell 1% and the NIFTY Smallcap 100 index slipped 1.2%.
Top gainer and loser in NIFTY Midcap 100: IDBI Bank (+4.5%) and Zee Entertainment (-8.2%)
Top gainer and loser in NIFTY Smallcap 100: Manappuram Finance (+3.4%) and NLC India (-5.8%)
🚀 IT major Infosys jumped almost 2% ahead of its first quarter FY25 results. The company's results were released after market hours and beat Street estimates. Its net profit grew 7.1% YYoY to ₹6,368 crore, while revenues grew 3.6% YoY to ₹39,35 crore. The company recorded its highest ever number of large deal wins and raised its FY25 revenue guidance to a range of 3%-4%.
📉Open=High (Bear power): Zee Entertainment, Hindustan Aeronautics, Dixon Technologies, Bharat Heavy Electricals and Fertilisers And Chemicals Travancore
📈Open=Low (Bull power): IDBI Bank, LTIMindtree, Tata Consultancy Services, Indus Towers and Marico
🏗️Fresh 52 week-high: Tata Consultancy Services, Indus Towers, ONGC, Torrent Pharma, Marico and Wipro
⚠️Fresh 52 week-low: N/A
See you tomorrow!
About The Author
Next Story