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After a streak of 4 green candles on the charts this week, Nifty ended Friday’s session in red at 24,010. Since Tuesday’s session, the prices made new peaks each day, the all-time high of the index currently being 24,174.Nifty is sustaining nearly 300 points above its 10 day exponential moving average while Bank Nifty is trading close to 550 points above the same on daily charts.Analyst Sudeep Shah, Deputy Vice President and Head of Technical & Derivatives Research, SBI Securities interacted with ET Markets regarding the outlook on Nifty and Bank Nifty along with an index strategy for the upcoming week. Following are the edited excerpts from his chat:5 trading sessions, 4 green candles in Nifty. We closed above 24,000 and sustained above the same on Friday. Does this open the door for any next big level? If yes, what level do you see?In June, the benchmark index Nifty witnessed substantial volatility, trading within a 2,900-point range, the highest since March 2020. Despite this, the index surged over 13% from the election result day's low of 21,281, reaching a new all-time high and closing the month above the 24,000 mark.Remarkably, the index's climb from 23,000 to 24,000 was the second fastest rally, gaining 1,000 points in just 23 trading sessions. It closed the week above 24,000, posting a gain of over 2%. Over the last five trading sessions, significant contributions came from heavyweight stocks such as Reliance Industries, HDFC Bank, ICICI Bank, Bharti Airtel, and UltraTech Cement.We believe that for the next couple of trading sessions, the index is likely to slide into the period of consolidation after the sharp upside rally. Talking about levels, the zone of 23,750-23,700 is likely to act as immediate support for the index. As long as the index is trading above 23,700 level, it is likely to continue its northward journey and test the level of 24,300, followed by 24,700 in the short term. While any sustainable move below the level of 23,700 will lead to profit booking in the index. In that case, the zone of 23,450-23,400 will act as the next crucial support for the index. What is your outlook on Nifty and Bank Nifty for the July series now?Considering the current chart structure, derivative and rollover data, both indices are likely to continue their upward journey in the July series as well. The zone of 23,750-23,700 will act as a strong support for Nifty. While, for Bank Nifty, the zone of 52,000-51,900 is likely to provide cushion in case of any immediate decline. What is the Open Interest data suggesting for Nifty and Bank Nifty? What could be the expected range?Talking about Nifty, there is a notable concentration of call open interest at the 24200 strike, followed by 24,500 strike. While significant open interest on the put side is observed at the 24,000 strike, followed by 23,800 strike. As per the Straddle cost of ATM strike, the range for the next couple of trading sessions will be 24,300-23,700 level. Examining the Bank Nifty option chain, it's notable that there is a concentration of call open interest at the 52,500 strike, while considerable open interest on the put side is observed at the 52,000 strike. As per the Straddle cost of ATM strike, the range for the next couple of trading sessions will be 53,100-51,600 level. What are the rollover trends suggesting for Nifty and Bank Nifty?It's worth highlighting that the Rollover for the Nifty Index futures was significantly higher at 76.25% compared to the previous month's 71.76 % and the three-month average of 71.04%. Moreover, the rollover cost has witnessed a minor dip to 0.24% as compared to the three-month average of 0.57%.The rollover for Bank Nifty futures has slightly improved to 70.68% as compared to the previous month's 67.66% and the three-month average of 70.92%. Moreover, the rollover cost has also decreased to 0.30%, compared to the three-month average of 0.77%.This clearly indicates that the market participants have rolled over bullish positions. What is the seasonality analysis hinting for Nifty and Bank Nifty?Tracking seasonality, over the past 17 years, the July month has often exhibited a positive trend for Nifty. On 13 occasions, the index has concluded on a positive note with an average gain of 4.56%, while on 4 occasions, it has ended on a negative note with an average loss of 2.49%. Overall, average returns for the July Series have been 2.90% for Nifty. Over the past 17 years, July has consistently shown an average volatility of over 7.19 percent for the Nifty index. Historically, Bank Nifty has also shown a positive trend in July over the past 17 years. Out of these, it closed positively 12 times, with an average gain of 4.57%, while ending negatively 5 times, with an average loss of 3.40%. The average return for Bank Nifty in the July series has been 2.22%. However, Bank Nifty has demonstrated an average volatility of approximately 10 percent for the past 17 years for the month of July. Looking at FII Positioning, FIIs are now net long while retail investors and DIIs are net short on the index futures. How do you read this for the markets?FIIs are indeed highly net long. So much so that as of Thursday, at the end of the day, they possessed all the index long positions on a net basis. Approximately 76.14 percent of their long positions are against retail participants and 17.37 percent against the DIIs with the rest against the Pros. Generally, the FIIs position themselves in line with the prevailing market trend, and the current positioning indicates a strong bullish sentiment in Nifty.What are your expectations from the India VIX with an event like the union budget?India VIX is likely to surge as we approach closer to the Budget as the market participants hedge their portfolio against unforeseen developments. On the date of the budget, the fear index is likely to cool off, as seen in the July budgets of 2014 and 2019.Let's talk stocks for a moment here, with the upcoming budget, which sectors could one keep an eye on?Considering the current chart structure, Nifty IT, Nifty Oil & Gas, Nifty Pharma, Nifty Bank, Nifty Financial Services and Nifty Auto are looking good from a positional standpoint. Apart from the budget allocation across sectors, there is also an intention for the government to impose higher taxation on F&O income. How do you anticipate this update?Indeed, the regulatory bodies are expressing concerns about the high leverage associated with F&O products and are seeking to curb the growing participation in this high-risk segment. In response, we may witness some incremental taxation for F&O transactions. In the event of such a development, market participants will need to adapt their strategies, shifting their focus from short-term, high-frequency trading to more sustainable, long tail events that prioritize risk management and astute investment decisions.Also, on Thursday, SEBI stated that there will be a change in the norms of the entry and exit criteria for the stocks in the F&O segment. What could be the implications for the traders?The new norms will make it more difficult for stocks to enter the F&O segment. Those Stocks moving out of the F&O segment could see reduced liquidity and trading interest. The last major review for introduction of stocks in Derivative segment was done in 2018 and since then the Derivative Segment has grown multifold.The overall aim of this review by SEBI is to eliminate those stocks from the F&O space that are having consistently low turnover and thereby ensure higher liquidity in the stocks. This will also help eliminate the possibility of any manipulation in low liquid stocks and thus safeguard the interest of traders and investors.Lastly, any index strategies for our traders out there?Since the overall trend is positive, we recommend deploying a bull spread in Nifty by buying a 24100 call at 125 and selling 24300 call at 52. Net Outflow would be 73 points while maximum profitability would be 127 points on Nifty's closing above 24300 on Weekly Expiry day.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Shrugging off all worries related to elections, foreign institutional investors (FIIs) have ended up buying Indian stocks worth about Rs 26,565 crore in June - before the Union Budget and India’s inclusion in JP Morgan’s bond index.After being net sellers in the last two months, a U-turn by FIIs comes amid expectations that reforms will continue after the elections. Improved GDP growth forecast and solid earnings by India Inc has also increased the appeal for FIIs, analysts say.“Political stability despite the BJP not getting majority on its own, and the sharp rebound in markets aided by steady DII buying and aggressive retail buying, has forced the FIIs to turn buyers in India. It appears that FIIs have realised that selling in the most performing market would be a wrong strategy. FII buying can sustain provided there is no sharp up move in U.S. bond yields,” said Dr VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services.Also read | Rs 32,000 crore-inflow in 12 days! 7 reasons why FIIs are chasing Indian stocks non-stopIndia’s inclusion in the JP Morgan Bond Index is also positive as it will end up reducing the cost of borrowing for the government and reduce the cost of capital for India Inc.First fortnight data of June month shows FIIs bought stocks from real estate, telecom and financial services sectors but sold IT, metals and oil and gas.“FII buying has been focused on a few specific stocks rather than being widespread across the market or sectors. This is because Indian equities are still considered overvalued by FIIs. Foreign investors are favouring financials, auto, capital goods, real estate, and select consumer sectors. It is expected that FIIs will make selective investments in specific sectors and stocks instead of broad-based buying across the market,” said Vipul Bhowar of Listed Investments, Waterfield Advisors.Looking ahead, attention will gradually shift towards the Budget and Q1 earnings, which could determine the sustainability of foreign flows. “The primary goal of including the bond index is to attract foreign investment into the Indian debt market rather than the equity market. As foreign investors become more familiar with the Indian fixed-income market, they may start to explore other investment opportunities, thereby opening up new avenues for growth and diversification, which should be a source of optimism for the future of FII in India,” Bhowar said.“While India would continue to be a preferred market for FPI flows, the actual inflows may not be the highest among emerging markets due to intermittent volatility and shifting global investor sentiments. However, the long-term outlook remains positive, providing reassurance about the stability of FII flows in India,” he said.Also read | FIIs have sold Rs 1 lakh crore worth of stocks from these 5 sectors in H1 of CY24

This week, astronomers and sky enthusiasts are gearing up for an extraordinary celestial event as the "Planet Killer" asteroid 2011 UL21 makes a close approach to Earth. Estimated to be one of the largest asteroids of its kind, with a diameter of approximately 2.5 kilometers, it orbits the sun every three years. Despite its size, it will pass by Earth at a safe distance of 4.1 million miles, which is about 17 times farther than the distance to the moon.Recent observations by astronomers in South Africa have identified the asteroid known as 2024 MK, a celestial object that has captured attention due to its potential impact risks. Discovered just weeks ago, this asteroid measures significantly smaller than the mountain-sized 2011 UL21 asteroid that recently made headlines. Despite its smaller size, experts warn that 2024 MK could still cause "considerable damage" if it were to collide with Earth, according to assessments by the European Space Agency and MIT Technology Review.An asteroid about its size could wipe out a city, according to the MIT Technology Review. When the mountain-sized asteroid was discovered in 2011, it was classified as "potentially hazardous." An asteroid its size would have "worldwide effects" if it collided with the Earth, according to NASA.The European Space Agency has classified 2024 MK as "potentially hazardous," emphasizing the significant global consequences if an asteroid of its size were to impact our planet. NASA underscores that an asteroid of similar dimensions could potentially have "worldwide effects," highlighting the importance of ongoing monitoring and planetary defense efforts.Here's how you can watch it live?To witness this rare event, interested viewers can join a livestream hosted by the Virtual Telescope Project, broadcasting from the Bellatrix Astronomical Observatory in Ceccano, Italy. The livestream begins on June 27 at 1 pm PT/3 pm CT/4 pm ET, capturing the asteroid's closest approach approximately 15 minutes later. Alternatively, observers equipped with telescopes can view it across the Northern Hemisphere, with peak visibility expected on June 28 and 29.Scientific SignificanceThese close encounters with asteroids like 2011 UL21 provide invaluable opportunities for scientific research. As Lance Benner, principal investigator of the asteroid radar research program at NASA's Jet Propulsion Laboratory, emphasizes, "These measurements will reduce the uncertainties in their motion considerably and enable us to compute their trajectories further into the future."NASA Alters Asteroid's Orbit Ahead of Asteroid Day AnniversariesNASA recently achieved a significant milestone in planetary defense by successfully altering the orbit of an asteroid, drawing parallels with the upcoming Asteroid Day commemorations. The asteroid, named 2024 MK, shares a size similarity with Dimorphos, a celestial body pivotal in NASA's first-ever successful planetary defense test two years ago. This test involved crashing a 1,260-pound spacecraft into Dimorphos, effectively shifting its orbit by 32 minutes.Preparing for Planetary DefenseExperts believe such orbital alterations could potentially redirect a dangerous asteroid away from Earth. Reflecting on the importance of such initiatives, Kelly Fast, NASA's acting planetary defense officer, emphasized ongoing efforts to mitigate potential asteroid threats. Earlier this year, NASA simulated a hypothetical asteroid impact scenario, highlighting the need for global preparedness and enhanced detection capabilities.Commemorating Asteroid DayThe timing of recent asteroid fly-bys is notable as it coincides with Asteroid Day, endorsed by the United Nations on June 30. This day commemorates the Tunguska event in 1908, where a massive asteroid explosion over Siberia devastated a remote area, underscoring the potential threats posed by near-Earth objects. Although the impact caused minimal human casualties due to the remote location, it remains a stark reminder of the Earth's vulnerability to cosmic impacts.Celebrating Awareness and EducationIn honor of Asteroid Day this year, the Asteroid Foundation will host a series of events in Luxembourg, including lectures, workshops, and family activities. Founded in 2016, Asteroid Day aims to raise awareness about asteroid impacts and promote global collaboration in planetary defense strategies. Co-founded by luminaries such as Queen guitarist Brian May and Apollo 9 astronaut Rusty Schweickart, the initiative continues to advocate for asteroid awareness and mitigation efforts worldwide.Recent encounters with asteroids have highlighted the need for enhanced asteroid detection and monitoring technologies. Projects like the Vera C. Rubin Observatory in Chile and NASA's Near-Earth Object Surveyor spacecraft play pivotal roles in identifying and tracking asteroids that could potentially pose a threat to Earth.(With inputs from Agencies)

ICICI Prudential Life Insurance has received a GST notice of Rs. 365 crore, including interest. The GST authority has demanded GST along with applicable interest and penalty for the fiscal years 2017-18 to 2022-23 for all GST-registered states. The notice pertains to amounts recovered from insurance agents as per commercial terms, which the department alleges should have been deposited as GST. ICICI Prudential received this notice on June 27 and plans to file an appeal against the order before the Commissioner of Appeals within the prescribed timelines.HDFC Life Insurance has informed the stock exchanges about receiving a GST notice of Rs. 132 crore, with interest to be applied as applicable. The alleged violations include the wrongful deduction of amounts towards GST from commissions paid to insurance agents, which should have been deposited with the government. HDFC Life is planning to file an appeal against the order before the appellate authority within the specified period.

GIFT Nifty, which stands as a new benchmark to the growth story of the Indian equity market, recorded its highest ever monthly turnover of 21.23 lakh contracts worth Rs 7,97,714 crore or US $95.55 billion during the month of June.This is an all-time high monthly turnover for GIFT Nifty, surpassing its previous record of US $91.73 billion set in May 2024 itself.The trading turnover on NSE IX, a fully owned subsidiary of the NSE, has been growing exponentially since commencement of a full-scale operation of GIFT Nifty on July 3, 2023.Since the first day of full-scale operations, GIFT Nifty has witnessed a total cumulative volume of over 2.10 crore contracts with a cumulative turnover of US $881.26 billion till June 27, 2024.“This milestone reflects the growing global interest and trust in the GIFT Nifty as a benchmark for the India’s growth story. We are glad to witness the success of GIFT Nifty and express our sincere gratitude to all the participants for their overwhelming support and making GIFT Nifty a successful contract,” said NSE IX in a release.Also read: Jio Financial and Zomato could join derivatives segment, Nifty50NSE IX is an International multi assets exchange set up at GIFT City in June 2017 and is recognized by the International Financial Services Centre Authority. The exchange offers a diversified portfolio of products including Indian Single Stock Derivatives, Index Derivatives, Currency Derivatives, Depository Receipts and Global Stocks.According to the Trendlyne data, GIFT Nifty has better 1 year returns than S&P 500 and Dow Jones Industrial Average index.GIFT Nifty closed at 24,120 around 2:30 am, after making a new all-time high of Rs 24,274 on June 29, as per the Trendlyne data.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

After a hectic last year, the domestic IPO market continued its momentum through this year as well with as many as 34 listings so far in the first half. This was higher than the debuts seen in H1 of previous year.The fundraising of Rs 26,272 crore, however fell short of the previous two years likely due to the absence of mega issues. Investors' reception also remained positive with only one failed IPO.Out of the 34 listings seen this year, four companies have turned multibaggers and are still trading at least 100% above the offer price.chart <iframe title="Primary market shines" aria-label="Table" id="datawrapper-chart-0Gxa4" src="https://et-infographics.indiatimes.com/graphs/0Gxa4/1/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="897" data-external="1"></iframe><script type="text/javascript">!function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data["datawrapper-height"][t]+"px";e[r].style.height=i}}}))}();</script>These are Jyoti CNC Automation, Exicom Telecom, TBO Tek and JNK India. Jyoti CNC saw a healthy response to the IPO with an oversubscription of 40 times and the stock is currently trading 300% over the offer price.Meanwhile, the shares of Exicom Telecom, TBO Tek and JNK India are higher by 220%, 107% and 100%, respectively above the IPO price.Other notable mentions in the list include, Bharti Hexacom -- one of the marquee IPOs this year --- whose shares are trading 96% higher than the offer price. BLS E Services and Let Travenues Technologies are other companies, which are doing well at the bourses with a gain of at least 60% from the issue price.Of the listings this year, around 73% of companies are still above the IPO price, which is seen as pretty consistent given the market volatility this year due to various factors.However, not every company had a pleasant walk at the exchanges. There are at least 8 companies that have suffered to keep up public scrutiny post the initial share sales, resulting in their share prices dropping below the issue price.Shares of Capital Small Finance Bank lost the most this year at 26% below the offer price. Akme Fintrade, RK Swamy, SRM Contractors,Entero Healthcare Solutions, Gopal Snacks, GPT Healthcare, and Popular Vehicles and Services are few other companies that haven't had a good time and are trading down from their offer prices.What should investors do?The recently concluded elections are expected to invigorate the second half of FY24 market. Improved market sentiments and a potentially stable economic environment could entice companies to launch their public offerings.Additionally, the success of several H1 FY24 listings could provide further momentum.While specifics are subject to announcement, promising sectors for potential H2 FY24 IPOs include consumer staples and discretionary, healthcare, and technology.A few potential IPOs that are keenly eyed by the market include that of MobiKwik, Aadhar Housing Finance, and Ola Electric Mobility."Overall, a more robust H2 FY24 for the IPO market is anticipated, with increased activity, potentially larger deals, and fresh listings across diverse sectors. As always, thorough analysis of individual company fundamentals and future prospects remains crucial before making any investment decisions," said Atul Parakh, CEO of Bigul."There are many new age companies coming up in the IPO space. Indian markets, traditionally, have been packed with dull industries. In the IPO space, this isn’t the case. Hence, we expect this space to continue to do well," said Sreeram Ramdas, Vice President at Green Portfolio.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)