10:21 (IST) 11 Jul 2023
Vedanta stock tanks 2% today after Foxconn ends $19.5 bln semiconductor JV; No impact on India, says IT Min
Vedanta share price tanked 2% to Rs 274.90 today after Foxconn pulled out of a $19.5 billion semiconductor joint venture with the billionaire Anil Agarwal-led company. Despite a positive sentiment in the domestic market, Vedanta shares have traded flat in the last few months. While the stock has risen over 21% in the last one year, it has fallen 12.5% in the past six months. At the current price of Rs 277.50 per share, the company’s market capitalization stands at Rs 1.03 lakh crore.
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09:21 (IST) 11 Jul 2023
Nifty, Sensex open in green
The NSE Nifty 50 surged 75.70 points or 0.39% to 19,431.60 and BSE Sensex jumped 274.29 points or 0.42% to 65,618.46.
09:14 (IST) 11 Jul 2023
Nifty, Sensex jump in pre-open
Domestic indices ended the pre-opening session in the green. The NSE Nifty 50 rose 71.20 points or 0.37% to 19,427.10 and BSE Sensex jumped 254.48 points or 0.39% to 65,598.65.
09:02 (IST) 11 Jul 2023
Bank Nifty may slip till 44500-44400 if 44800 level is breached
“The dominance of bears indicates a cautious market environment. The immediate resistance for the Bank Nifty is placed at 45200. If the index manages to break above this level, it could potentially shift the control back to the bulls. On the other hand, the index finds immediate support at 44800. If this support level is breached, it may lead to further downside movement towards the 44500-44400 zone,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.
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09:02 (IST) 11 Jul 2023
Bank Nifty multiple support between 44840–44587
“Bank Nifty continued to trade with a negative bias. It witnessed follow-through selling pressure and filled the gap area between 44800–44900 created on 3 July 2023. The Bank Nifty is in the process of retracing the rise it witnessed in the last couple of weeks and there are multiple supports in the form of Fibonacci retracement levels around 44840–44587 which could arrest the downside. The correction is providing an opportunity for an entry and this is a dip that should be bought into,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
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09:02 (IST) 11 Jul 2023
Nifty support at 19200–19180; resistance at 19520–19550
“Nifty faced resistance in the zone 19430–19450 where the 20-hour moving average is placed. On the daily charts, we can observe that the Nifty is in the process of retracing the rise it has witnessed in the previous couple of weeks. The crucial Fibonacci retracement level and gap area coincide around 19200–19180 which could act as a support zone from a short-term perspective and on the upside 19520–19550 shall act as an immediate hurdle zone from a short-term perspective,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
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09:01 (IST) 11 Jul 2023
Nifty support at 19200-19235
“Nifty bullish gap of 19200-19235 is likely to act as a strong support zone, and till the index sustains above the same, one needs to utilize the dip. On the higher front, a sustainable breakthrough beyond the immediate resistance of 19500-19525 could only bring the cheer back to the trader’s fraternity,” said Osho Krishan, Sr. Analyst, Technical & Derivative Research, Angel One Ltd.
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09:01 (IST) 11 Jul 2023
Nifty could rally till 19500-19525 if it breaks 19435
“Nifty found resistance near 19435 while 19330 acted as a key support zone. For day traders, a fresh uptrend rally is possible only after the 19435 breakouts, above which the market could rally till 19500-19525. On the other hand, a fresh sell-off could be seen after the dismissal of 19330 and below the same, the index could slip till 19250-19200,” said Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd.
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09:01 (IST) 11 Jul 2023
Nifty resistance at 19450-19500
“Nifty experienced a range-bound trading pattern. Despite this, the bulls managed to defend the support level of 19300, preventing a significant decline. However, the hourly RSI indicated a bearish crossover. This suggests a potential shift towards a downward trend. If the support level of 19300 is breached, a correction in the market may be expected. On the upside, resistance levels are anticipated around 19450-19500,” said Rupak De, Senior Technical analyst at LKP Securities.
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08:19 (IST) 11 Jul 2023
Asian markets trade in green
Asian markets were trading in green – China’s Shanghai Composite Index rose 0.17%, South Korea’s KOSPI jumped 1%, Hong Kong’s Hang Seng gained 0.79%, Japan’s Nikkei 225 advanced 0.31%, and Asia Dow was up 0.69%.
08:16 (IST) 11 Jul 2023
PNB, ZEEL, BHEL and others under F&O ban today
The National Stock Exchange has Punjab National Bank, Delta Corp, Indiabulls Housing Finance, ZEE, India Cements, Granules India, and BHEL securities on its F&O ban list for 11 July. According to the NSE, stocks are prohibited in the F&O sector when they have exceeded 95% of the market-wide position limit (MWPL). During the F&O ban period, no new positions are permitted for F&O contracts in that stock.
08:14 (IST) 11 Jul 2023
Will Nifty top 19400 or give up gains? See GIFT Nifty, FII data, F&O ban, crude, more before market opens
“Indian equities faced broad-based weakness, but the benchmark managed to stay marginally positive with the support of strong buying in heavyweight stocks. The weakness was led by IT stocks, as the sector is set to kick off the Q1 result season with expectations of soft earnings. Additionally, cues from the US markets are unfavourable, as concerns about another rate hike persist despite expectations of a fast cooling of future US CPI inflation data,” said Vinod Nair, Head of Research at Geojit Financial Services.
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