2-Jul-22 Technical & Fundamental Insight

We will prefer to wait for clear direction rather than making assumption. VIX @ 21.25 continues to trade in range of 20 – 22, also indicates mix view of confused stage ahead of quarterly result season to begin from this week.

Windfall tax on oil companies. Export duty hiked on as government steps in, special excise duty of Rs. 6/- per litre and Rs. 13/- on diesel. Government imposed special additional duties on domestic production of petroleum crude of Rs. 23250/- per tonne and Rs. 6/- on turbine fuel.

In our last week, we did mention Nifty support level at 15563 and resistance level and expected target at 16178. Nifty took support around 15563 on Friday but failed to achieve upper end of the target despite good start to week on back of positive global cues on last Friday.

We will prefer to wait for clear direction rather than making assumption. VIX @ 21.25 continues to trade in range of 20 – 22, also indicates mix view of confused stage ahead of quarterly result season to begin from this week.

Technical are showing mix signal, now news flow & economic data will start coming from this week 4-Jul-22 to 8-Jul-22. US Market will remain close on 4-Jul-22 on their Independence Day.

Click on the attachment to read the full report:

2-Jul-22 Fundamental & Technical Insight.pdf