Nifty, Sensex ended at fresh record highs on June 30. Share market analysts expect the uptrend in Indian equities to continue in the near term. This week, Indian equities will take cues from economic data, and monthly auto sales data.
“Investors should remain invested in the market. Long-term investors can continue with their systematic investments,” said VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services. Balaji Amines, HDFC Bank, Tata Motors, Geojit Financial, Maruti Suzuki are among stocks to watch on Monday.
Shares of Balaji Amines will trade ex-dividend on Monday. The company had declared a final dividend of Rs 10 per equity share with its Q4FY23 results.
Shares of Geojit Financial Services will trade ex-dividend on Monday. The company had declared a final dividend of Rs 1.5 per equity share with its Q4FY23 results.
Shares of Jyothy Labs will trade ex-dividend on Monday. The company had declared a final dividend of Rs 3 per equity share with its Q4FY23 results.
FTSE Global Equity indices are expected to replace HDFC Ltd with HDFC Bank and continue with the current free float shares of Housing Development Finance in the indices at the time of the merger, according to a report by Nuvama Alternative & Quantitative Research. The merger came into effect on July 1, 2023.
Shares of Bajaj Auto, Tata Motors, Maruti Suzuki, Hero MotoCorp, TVS Motor Company, Ashok Leyland, Escorts Kubota, Eicher, other will be in focus as the monthly sales figures got announced on July 1.
“The near-term uptrend of Nifty remains intact and one may expect Nifty to reach up to 19500 levels this week. Immediate support is at 19,050 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
"On the weekly chart, Bank Nifty index has given a downwards consolidation breakout, suggesting a rise in optimism. Therefore, the trend looks positive for the short term. Immediate support is visible at 44,500 where Put writers have added significantly in the open interest; while the 45,000 strike price has the highest open interest in calls, which suggests that Bank Nifty may encounter some resistance at that level," said Rupak De, Senior Technical analyst at LKP Securities.
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