10 Jul , 2024 By : Debdeep Gupta
Indian benchmark indices opened flat on July 10 despite positive global cues. At 09:15 am, the Sensex was down 97.64 points or 0.12 percent at 80,254.00, and the Nifty was down 21.20 points or 0.09 percent at 24,412.00. Analysts expect markets to trade with a positive bias and take cues from upcoming inflation data, Q1FY25 earnings, and budget.
Over the next few days, the Pharma sector will likely remain focused on back comfortable valuation and expectation of healthy earning growth in Q1. Traders are advised to adopt a "buy on dips" strategy and focus on sectors/themes in line with the current market trend, said Ajit Mishra – SVP, Research, Religare Broking.
Federal Reserve Chairman Jerome Powell insists that a rate cut is inappropriate until there is greater confidence that inflation is moving sustainably toward 2 percent.
Amid this backdrop, bullish investors are revising their Nifty targets higher to 26,000, and attention is now on the US CPI data due on July 11, said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
Defensive sectors like FMCG and Pharma have been favored in recent sessions, and Auto stocks have also shown strength. Traders should focus on these areas for better momentum and risk-reward compared to the main indices, said Rajesh Bhosale, Equity Technical Analyst, Angel One.
Technical View
The underlying trend of Nifty continues to be positive. "Having moved above the key overhead resistance of 24,400 levels, the Nifty could now advance towards another important resistance of 24,960 levels in the near term. Immediate support is at 24,250 levels," said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
"Bank Nifty witnessed a consolidation. It is trading around the lower boundary (52,000) of the broad range 52,000 – 53,500 and hence likely that the Bank Nifty can witness positive momentum towards 53,000 from a short-term perspective," said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas, for your reference.
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