Daily Report 4-Jul-23

Indices close at yet another record high, first half was dominated by HDFCBANK & HDFC whereas 2nd half ITC was in focus. Nifty closed at 19322 (post average) – close near its day’s high whereas Banknifty made high of 45353 and closed at 45158.

Wall Street had muted session in a holiday shorten session followed by holiday on 4-Jul-23 on U.S. Independence Day.

Quarterly business updates from BAJFINANCE recorded growth of 32% on yearly basis. In Q1FY23 recorded highest ever AUM growth.

IDFC & IDFCBANK set to merge: IDFC Ltd share holder to get 155 shares of IDFCFIRSTB against 100 shares of IDFC.

VIX @ 11.54: moved above 11 as market witness profit booking.

Approach on Indices: Momentum remains strong, but looks stretched from current level. We would wait for correction / consolidation for fresh entry. GIFTNIFTY indicate flat opening and we expect indices to see some selling pressure / supply at current level.

GIFTNIFTY @ 19456 up 17 points at 8:15 AM

Click on the attachment to read the full report:

4-Jul-23 Daily-Report.pdf