7 July 2021, Post Market Report: Tata steel leads the rally after a long time.
Good Evening Everyone, As I type this report, I have received the FII & DII data and I am happy to say that FIIs have finally started buying today after selling continuously for all these days. It is clearly visible how FIIs got active in the second half of the day and took the Nifty to close at 15879 after reaching the all-time high near 15915. 15900 still remains a strong resistance, and Nifty has to close the day above 15915 to further move upward to 16000. Will we see 16000 this week, is still debatable.
On the daily chart, Nifty has formed a bullish candle, but tomorrow being our first weekly expiry of July, we can expect some volatility. It would be interesting to watch the market tomorrow.
Metals & Realty lead the day with both rising up by almost 2%, while Auto, Energy & media sector were the only negative sectors today.
With analysts upgrading the target of Tata steel, It was the top gainer for the day, up by almost 5% in the day, followed by JSW steel & Hindalco.
The top loser was Titan & ONGC which saw some good profit booking, which led it down by 2% & 1.15% respectively.
FII & DII Activity:
As discussed earlier, FII's have finally started buying in the Indian market, however, it is to be confirmed only after tomorrow's expiry. Meanwhile, our DIIs have started selling in the Indian market. The market now is at a crucial stage, If the market opens with a gap up tomorrow, we might see profit booking again.