Daily Market Wrap - July 2, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian benchmark equity indices broke a four day losing streak on Jul 02 and ended mildly in the positive. The Nifty opened up, fell initially to make an intraday bottom at 1050 Hrs and later kept rising gradually through the day. It closed almost at the intra day high. At close, the Nifty was up 42.20 points or 0.27% at 15722.20.

Volumes on the NSE were higher than the previous day but short of the recent averages. Among sectors, Consumer Durables, Healthcare and Energy were the main gainers while Power and Metals were the main losers. The BSE midcap ended flat, while smallcap index added 1 percent.

Shares were mostly higher in Asia on Friday, though markets in Shanghai and Hong Kong declined a day after the Chinese Communist Party marked its centenary with tough talk by Chinese President Xi Jinping who warned that anyone who tries to bully China "will face broken heads and bloodshed." European stock markets pushed higher after opening as traders await a key US jobs report this afternoon. Economists polled by Reuters forecast that the U.S. economy created 700,000 jobs last month, up from 559,000 in May. That would be more than the 540,000 monthly average over the past three months.

Nifty gained after a four day fall. On daily charts it has formed a bullish hanging man after a fall. For the week, the Nifty ended 0.87% lower after forming a new high early in the week. Advance decline ratio has improved and volume surge in the markets is awaited for the uprun to sustain/gain momentum. In the near term, 15635 could be a support for Nifty while 15772 could be a resistance. Over the next week, the band for Nifty could be 15839-15505.

Source : Equity Bulls

Keywords