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Nifty IT hits multi-year lows: Is it safest to buy the dip now?

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Nifty IT hits multi-year lows: Is it safest to buy the dip now?
The Nifty IT index has plunged to fresh multi-year lows, triggering aggressive bottom-fishing. While technical patterns like a daily Morning Star and constructive weekly MACD indicators suggest early trend stabilization, derivatives data remains mixed. With nearly 60% of tech stocks still carrying week-on-week short additions, Anand James, Chief Market Strategist, Geojit Investments warns this could be a tactical short-covering rebound rather than a sustainable trend reversal.

Edited excerpts from a chat:

Following 4 consecutive weeks of gains, what levels is Nifty eyeing in the July series?
Despite the consecutive weeks of gains, Nifty has only reached the April’s highest closing figure from where a multi month downtrend had begun. Friday’s pull back is good in a way, because it keeps the uptrend from premature collapse, as the oscillators had begun to show signs of exhaustion. We see the near term base getting higher from 23800 to 24170 now, thus making 23800 a strong downside marker while we chase short term upsides with an eye on 24170. Expect whip saw moves to 24600, which may not be sustainable initially. However, a close above 24400 could render the trend stable for a 24800-24250 move.

Nifty IT index hit fresh multi-year lows in the week but displayed signs of bottom-fishing in previous 2 days. Is this bounce sustainable?
The Nifty IT index may have finally found near-term support after slipping to fresh multi-year lows, but the sustainability of the rebound remains uncertain. Technically, the setup has improved meaningfully. A Morning Star pattern on the daily chart, coupled with a weekly pin-bar doji after a prolonged decline, indicates strong bottom-fishing interest at lower levels. Momentum indicators are also turning constructive, with the weekly MACD nearing a bullish signal crossover, often an early sign of trend stabilization.

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However, derivatives data presents a mixed picture. Nearly 60% of IT stocks witnessed short covering on Friday, supporting the sharp rebound, but a similar proportion still carries week-on-week short additions, suggesting that bears have not completely exited their positions. This indicates that the current move could still be a combination of bargain hunting and short-covering rather than a confirmed trend reversal.


Overall, the odds favour an extension of the recovery in the coming week, particularly if follow-through buying emerges. Yet, the durability of the bounce remains clouded as long as the index trades below the 28,200 zone, which is likely to act as a key resistance. A decisive close above this level would strengthen the case for a sustainable reversal; until then, the move is best viewed as a tactical rebound within a corrective trend.
PSU banks were among the biggest losers in the week. How would you go about trading the pack?
PSU Banks were among the weakest pockets of the market this week, and the technical as well as derivative setup suggests traders should continue to maintain a cautious bias. The PSU Bank index formed a bearish Marubozu candle on Friday, highlighting aggressive selling pressure, while the daily MACD generated a bearish signal crossover earlier in the week. More importantly, a failed weekly MACD crossover attempt indicates that bullish momentum lacked conviction and sellers have regained control.The derivatives picture reinforces this weakness. Around 70% of PSU bank stock futures witnessed either short addition or long unwinding on Friday, while a similar proportion carried net short positions on a week-on-week basis. This suggests traders are not merely booking profits but are actively holding on to bearish bets, increasing the probability of further downside.

From a trading perspective, rallies should be viewed as opportunities to reduce longs or initiate selective shorts until the sector shows signs of stronger accumulation. Stocks such as Bank of Baroda, PNB, Indian Overseas Bank and Indian Bank appear particularly vulnerable and could continue to weigh on the index.

Unless the index quickly reclaims recent breakdown levels, the path of least resistance remains lower, with 8,250 emerging as the next key downside objective.

GE Vernova, Hitachi and Siemens Energy fell on Friday amid negative news flow around Chinese firms being allowed in India in the power equipment sector. Do you think that these stocks can bounce back and those who missed the rally can buy now?
Their turn lower follows an RSI negative divergence signal, suggesting that downtrend could have more legs. But as they all are near or at their respective 20 week SMA, we might expect some respite early next week However, they have all formed topping patterns, and favoured view sees them unlikely to get back to a sustainable uptrend right away.

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Give us your top ideas of the week ahead.

SUMICHEM (LTP: 502)
View: Buy
Target: 540
SL: 480

Sumichem has delivered a strong bullish breakout after spending the past few weeks in a corrective phase. The stock witnessed a decisive daily Supertrend breakout, signaling a potential shift in the short-term trend from bearish to bullish. This move was further reinforced by a positive MACD signal crossover, indicating improving momentum and the possibility of sustained follow-through buying.

What stands out is the exceptional surge in volumes, with trading activity reaching multi-year highs. Such volume expansion accompanying a sharp price breakout often reflects strong institutional participation and lends greater credibility to the move.

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The stock has also reclaimed the psychologically important 500 mark and closed near the day’s highs, suggesting that buyers remained in control throughout the session. If the breakout sustains, the stock could target the 540 zone over the coming weeks.

That said, given the magnitude of the single-day rally, some consolidation or profit booking cannot be ruled out in the near term. Any pullback towards the 490 could attract fresh buying interest. As long as the stock holds above the breakout zone, the bias remains bullish with scope for further upside.

AZAD (LTP: 2149)
View: Buy
Target: 2255
SL: 2090

Azad Engineering is showing early signs of a bullish turnaround after a period of consolidation. The stock has attracted strong buying interest, as evident from a multi-session volume breakout, indicating renewed participation and strengthening conviction behind the recent move.

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Momentum indicators are also turning supportive. The MACD is on the verge of a bullish signal crossover, suggesting that downside momentum is fading. Additionally, the RSI has crossed above its moving average, reflecting improving relative strength and a shift in momentum in favour of the bulls.

Price action has also seen the stock reclaim the 2,100 zone, which could act as an important support area in the near term. Sustaining above this level may pave the way for a move towards the 2,255-2,300 zone.
Overall, the near-term bias appears positive, with traders likely to focus on follow-through buying and the stock’s ability to sustain above key support levels.

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Why is Shenzhen Xunce Technology stock gaining today?

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Why is Shenzhen Xunce Technology stock gaining today?

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Diamond Power Infrastructure shares jump 10% after Rs 435 crore order for Hyderabad data centre projects

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Diamond Power Infrastructure shares jump 10% after Rs 435 crore order for Hyderabad data centre projects
Shares of Diamond Power Infrastructure jumped 10% to its day’s high of Rs 218 crore on BSE after the company received a Rs 435 crore order for Hyderabad data centre projects.

According to a filing with the exchange, the company received a supply order valued at Rs 435.71 crore (exclusive of GST) for High Tension (HT) and Low Tension (LT) power cables for the 310 MW HYD22 to HYD26 Data Center Projects at Hyderabad.

The project is to be executed by L&T, Sterling & Wilson, and Blue Star. According to the filing, the total project cost includes packing & forwarding and freight & transit insurance, but excludes GST. Price is on a variation basis per the IEEMA PV formula, using April 2026 IEEMA indices as the base.

The scope covers the supply of approximately 21.35 lakh meters (over 2,100 km) of cables, with deliveries commencing from the first week of August 2026 and completing in a staggered manner by March 2027.

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The filing with the exchange stated this is among the largest single cable supply orders in India’s data center segment and reinforces the Company’s position as a preferred supplier of power cables for mission-critical digital infrastructure.


The order was received in the ordinary course of business and at arm’s length and the transaction does not fall within related party transactions.
“Data centers are emerging as one of the most significant demand drivers for the Indian cable industry. This order for the 310 MW Hyderabad campus validates our manufacturing capability, quality systems and delivery reliability for mission-critical infrastructure. This is among the largest Data Center orders for Power Cables in the Country. We look forward to executing it to the highest standards within the committed timeline.” Says Umesh Chayya, Senior Vice President – Sales & Marketing.Diamond Power Infrastructure is an integrated manufacturer of power transmission equipment, offering LV, MV, HV and EHV power cables, control and instrumentation cables, fire-resistant and flame-retardant cables, solar DC and EV charging cables, and conductors, serving sectors including power, infrastructure, oil & gas, renewables, real estate and data centers.

In the last one year, the shares went up 56.56% and in the last two years, they went up 72.77%. In the last three months and six months, the shares of Diamond Power Infrastructure were up 69.04% and 53.32% respectively.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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DOGE website goes dark on July 4 after claiming $215B in federal cuts

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DOGE website goes dark on July 4 after claiming $215B in federal cuts

The temporary organization behind the Department of Government Efficiency reached its scheduled termination date Saturday, July 4, 2026.

President Donald Trump’s executive order last year creating the U.S. DOGE Service Temporary Organization set a July 4, 2026, termination date for that temporary organization.

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“A smaller Government, with more efficiency and less bureaucracy, will be the perfect gift to America on the 250th Anniversary of The Declaration of Independence,” Trump said when he announced the initiative.

DOGE claims it saved $215 billion, including by slashing duplicative software licenses, canceling diversity, equity and inclusion grants and terminating leases for underused office space. The figure has been disputed, and DOGE’s public receipts do not fully document the headline savings claim. The webpage showing DOGE’s savings listed $215 billion in estimated savings as of Sunday.

ELON MUSK LOSES TRILLIONAIRE STATUS AFTER TECH SELL-OFF ERASES BILLIONS FROM FORTUNE

Elon Musk and President Donald Trump

U.S. DOGE Service Temporary Organization reached the termination date set out in Trump’s executive order. (Kevin Dietsch/Getty Images / Getty Images)

Billionaire tech executive Elon Musk, who led DOGE’s cost-cutting efforts when Trump returned to the White House in January 2025, stepped down from the department in May of last year.

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“The final step of @DOGE is to delete itself,” Musk said in December 2024.

DOGE initially aimed to save $2 trillion in government cuts before reducing its goal to $1 trillion.

In its final social media post, DOGE said: “While the formal mission of DOGE has come to an end, the mission to eliminate waste, fraud, and abuse will continue.”

“Good stewardship of taxpayer dollars and accountable government are not temporary initiatives,” the July 4 X post reads. “We hope those principles endure long into America’s next 250 years. It has been our greatest honor to serve the American people. Happy 4th!”

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Elon Musk at the World Economic Forum

Billionaire tech executive Elon Musk, who initially led DOGE’s cost-cutting efforts, stepped down from the department in May of last year. (Fabrice Coffrini / AFP via Getty Images / Getty Images)

The White House praised the administration’s efforts to cut government spending through DOGE.

President Trump was given a clear mandate to eliminate waste, fraud and abuse from the federal government,” White House spokesperson Davis Ingle said in a statement to Politico. “He has made significant progress in making the federal government more efficient to better serve the American taxpayer.”

No final DOGE review is expected, according to Office of Management and Budget Director Russ Vought.

NUMBERS SHOW HOW MUCH TRUMP HAS SLASHED GOVERNMENT WORKFORCE

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President Donald Trump stands before a U.S. flag in the White House.

President Donald Trump’s executive order last year establishing the cost-cutting agency set a July 4, 2026, self-destruction date. (Anna Moneymaker/Getty Images / Getty Images)

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“We have no plans to do kind of a closing DOGE report,” Vought said at a hearing on Tuesday. “We’re always happy to give you our assessment of that work. I think it made some really important strides.”

The White House budget proposal released in April asked for $35 million for the U.S. DOGE Service. But Rep. Dave Joyce, R-Ohio, pointed out that DOGE “was pretty much eliminated.”

DOGE Service acting Administrator Amy Gleason has also taken on a new role, leading a health technology office at the Centers for Medicare and Medicaid Services, Healthcare Dive reported last month.

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Typhoon Bavi brings catastrophic winds to western Pacific islands

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Typhoon Bavi brings catastrophic winds to western Pacific islands

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Royce Small-Cap Fund Q1 2026 Commentary

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Columbia Small Cap Growth Fund Q1 2026 Commentary

Royce Small-Cap Fund Q1 2026 Commentary

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Pet Valu: Higher Earnings Power Awaits For Market Recovery

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TV Channels, Kickoff Time and Full World Cup Details

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England forward Harry Kane celebrates against Denmark at Wembley

MEXICO CITY — England and Mexico are set to meet in a Round of 16 showdown at the 2026 FIFA World Cup, a high-stakes knockout match that fans across the United States and around the world can watch through a range of television and streaming options.

The match is being played at Estadio Ciudad de México, formerly known as Estadio Azteca, in the heart of Mexico’s capital. Kickoff was originally scheduled for 8 p.m. ET on Sunday, July 5, but severe and highly volatile summer storms in the area, including heavy downpours, forced organizers to push the start time back by one hour to 9 p.m. ET, or 2 a.m. GMT on July 6. Fans checking listings should be aware of the adjusted schedule when tuning in.

In the United States, the match is being broadcast in English on FOX and FOX Sports, with a Spanish-language broadcast available on Telemundo and Universo. Viewers without access to traditional cable can stream the game through FOX One, the network’s dedicated streaming platform, which offers a short free trial period for new subscribers. FOX One carries a live feed of every match at this year’s tournament, making it one of the most straightforward options for cord-cutters looking to follow the World Cup from start to finish.

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Beyond FOX’s own platforms, the match is also available through a number of other streaming services, including Fubo, DirecTV, YouTube TV, Peacock and Sling. Fubo and DirecTV both offer free trial periods for new customers, giving fans a way to watch the match and other World Cup coverage without an upfront subscription cost. Peacock, meanwhile, carries the Spanish-language Telemundo and Universo simulcasts as part of its live sports offerings, alongside a broader library of on-demand programming.

Fans outside the United States looking to access a specific regional broadcast, such as the official Mexican feed carried by TelevisaUnivisión and TV Azteca, can do so using a virtual private network service to route their connection through a server in the relevant country, a common workaround for accessing geo-restricted sports broadcasts. Viewers using this method should be aware that terms of service for some platforms may restrict this practice, and access can vary depending on individual streaming providers.

The stakes for Sunday’s match are significant for both sides. Mexico has been one of the standout performers of the tournament so far, sweeping through Group A without conceding a single goal before following that up with a 2-0 win over Ecuador in the Round of 32. Julián Quiñones and Raúl Jiménez were on the scoresheet in that win, with Jiménez’s goal marking his 47th international strike for Mexico. As co-host of this year’s tournament, Mexico has drawn heavily on home advantage, with Estadio Ciudad de México providing a raucous atmosphere and Mexico City’s altitude posing a physical challenge for visiting teams.

England’s path to the Round of 16 has been considerably less smooth. Thomas Tuchel’s side needed a late brace from captain Harry Kane to overcome DR Congo in the Round of 32 after trailing early in that match. Kane’s performance made him the first English player to score twice in a World Cup knockout match since Gary Lineker accomplished the feat in 1990, and he now has five goals in the tournament overall. England finished top of Group L during the group stage, though a scoreless draw with Ghana along the way suggested the team has not always found its rhythm easily.

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Historically, the overall head-to-head record favors England, which has won six of the nine previous meetings between the two nations. The teams’ only prior World Cup meeting came in the 1966 group stage, a match England won 2-0 en route to lifting the trophy that year. The two sides last met in a 2010 international friendly, which England won 3-1. Despite that overall record, Mexico has never lost to England on home soil, a streak that dates back to their first meeting in Mexico City in 1952, which El Tri won 2-1. Mexico’s most famous victory over England at Estadio Azteca came in 1985, when a Luis Flores goal secured a 1-0 win during a warm-up tournament ahead of the 1986 World Cup.

The winner of Sunday’s match will advance to face Norway in the quarterfinals. Norway, led by Erling Haaland, pulled off one of the biggest upsets of the tournament so far earlier Sunday, defeating Brazil 2-1 in a result that reshaped the bracket heading into the latter stages of the knockout rounds.

Off the pitch, Sunday’s match has also drawn attention for its entertainment lineup, with the Mexican rock band Maná scheduled to perform for the sold-out crowd at the stadium. The match’s designated anthem is “Aquí No Es Así,” a well-known track from Mexican band Caifanes, adding a local flavor to the atmosphere surrounding one of the tournament’s most anticipated Round of 16 fixtures.

The 2026 FIFA World Cup marks the first men’s tournament hosted jointly by three countries — the United States, Canada and Mexico — and the first to feature an expanded 48-team format. The tournament runs from June 11 through July 19, with matches spread across 16 host cities, including Mexico City, Guadalajara and Monterrey in Mexico; Toronto and Vancouver in Canada; and 11 cities across the United States. The expanded format has resulted in 104 total matches this year, up significantly from the 64-match structure used in previous 32-team tournaments.

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For fans looking to plan their viewing beyond Sunday’s match, the knockout rounds continue into the following week, with Portugal facing Spain and the United States taking on Belgium on Monday, July 6, followed by additional quarterfinal matchups later in the tournament. Fans are encouraged to check official broadcaster listings for the most up-to-date kickoff times, as adjustments due to weather or other factors, as seen with Sunday’s Mexico-England match, remain a possibility as the tournament progresses through its business end.

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Syntara Limited (PMXSF) Discusses Preliminary Phase II Results for SNT-4728 in Isolated REM Sleep Behavior Disorder – Slideshow

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Syntara Limited (PMXSF) Discusses Preliminary Phase II Results for SNT-4728 in Isolated REM Sleep Behavior Disorder – Slideshow

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Bank of England could boost bond demand with leverage rule tweak, banks say

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Bank of England could boost bond demand with leverage rule tweak, banks say


Bank of England could boost bond demand with leverage rule tweak, banks say

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Mizuho Names Top Picks Across Americas Oil, Gas and Utilities

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