Sector churning, improving internals implies action in broader markets:
A sideways correction or retrenchment in the upswing market will always provide buying opportunities. The sector had no different last week. Since our customized width has been less corrected, in the week starting has struggled for indicator movement.
However, the Gann rule of 8 is limited to the second defense of price correction. Which served as a support, resulting in a faster recovery in the benchmark index. Finally, it eventually sets a breakout above 4-digital Gann number of 1041 (0). Moreover, the Nifty Auto index traded with a gain of 63.95 points and reached 6,971.05 INR with a 0.93% growth.
Stock Market Update:
Stock Market July 3rd: On Friday, both Sensex and Nifty seem to trade in a bullish trend in the stock market. The Sensex stood traded gain with 36,021.42 levels and Nifty stood traded gain with 10,607.35 levels. The Sensex raised 177.72 points with a 0.50% gain. Besides, Nifty has raised 55.65 points with a 0.53% gain.
On the other hand, the number of confirmed or coronavirus cases in India reached 6,73,904 as of July 5th, and deaths reached 19,279.
In the border market, the S&P BSE Midcap index reported a bullish trend in the stock market on July 3rd. It raised 73.66 points with a 0.56% gain and reached a 13,288.70 level. The S&P BSE Smallcap index raised 59.57 points with a 0.47% gain and reached a 12,603.02 level. However, the Nifty Bank declined 100.80 points with a 0.46% fall and reached a 21,852.40 level.