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From a technical perspective, the high point of 19,991 has now become an intermediate top for the markets. In the process of retracement from higher levels, Nifty has also dragged its resistance down to 19,750 levels. This makes the zone of 19,750-19,900 a strong resistance area for the markets unless taken out comprehensively.
LTI Mindtree's share price rose over 1% and reached a new 52-week high after replacing HDFC on the Nifty 50 index. The change will take effect on July 13.
HDFC Bank's merger has led to the replacement of HDFC share price on various indices by LTI Mindtree, Jindal Steel & Power, and other stocks on NSE. The changes will be effective from July 13, 2023.
For the coming week, the main worry for the market will be its own overstretched technical setup. This, when read along with the precariously low VIX value, raises a red flat for the immediate short term.
Nifty traded in a 359-point range, and the market maintained its trajectory throughout the week, barring few incidents of consolidation on the daily chart.