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On the options front, Call options were written aggressively on Friday with the 19400 Call holding the highest open interest base followed by the 19500 strike. Hence a move beyond 19500 should be crucial for a continued uptrend in the index. On the downside, Nifty has already closed below its Put base of 19400 while IVs have come remained under pressure.

"We wish to inform you that a meeting of the Board of Directors of HDFC Bank will be held on July 17 to consider the unaudited standalone and consolidated financial results for the first quarter ending June 30, 2023," the company said in a filing.

Low PE stocks are considered value stocks, which are best suited for long-term investment horizons

Stocks that were in focus include names like Titan Company, which was up more than 1%, Kalyan Jewellers, which rose more than 5% and Sunteck Realty, which closed with gains of nearly 12% on Friday.

The lender holds a 8.95% stake in NSDL, which handles most of the securities held and settled in dematerialised form in the Indian capital market.

The June quarter earnings are seen to be weaker than expected amid uncertain and global environment and a slowdown in discretionary spending by clients

"Despite this short-term profit booking, the broader picture reveals that the medium to long-term trend remains bullish. Hence, any minor price corrections should be seen as a buying opportunity for traders. The buying momentum is expected to continue to propel the index towards the 19800-20000 levels in the upcoming weeks."

From a technical standpoint, the market is experiencing strong bullish momentum, Santosh Meena, Head of Research at Swastika Investmart, said. "The levels around 19,500–19,600 may act as an immediate supply zone. If this zone is surpassed, the next target levels would be 19,770 and 20,000. On the downside, a slip below the 19,300 level in the Nifty index could trigger profit booking, potentially leading to a decline toward the support levels at 19,100 and 18,888," Meena said

According to the World Gold Council, eight countries added gold to their reserves in May, which amounted to a net 50 tonne of addition; however, with Turkey selling 63 tonnes of gold to satisfy its domestic demand, total bank holdings fell by 27 tonnes

​We have not really seen a very large major correction play through. We had a correction in 22. And barring that, I think the last correction that we had when market went from 18600 to about 16800 or so, barring that correction, we have had a fairly less volatile market as compared to many other markets in the aftermath of a very large run.