Last week review: We expected this week, Indices to trade in narrow range, but once Nifty @ 16255 & Banknifty @ 35543 was crossed, Indices did witness sharp rally backed by short covering.
Cement stocks reacted positively on back of strong result from Ultratech cement and Banking stocks kept the momentum to record weekly gain of more than 5%. ECB raised rates by 50 bps and guided for more rate hike. Crude oil continues to trade near $100 which helped global sentiment.
Approach on Technical: Nifty @ 16622 & Banknifty @ 36422 / 35985 to act as immediate & strong support for intermediate support level.
Market View & Strategy
RELIANCE will have muted opening on Monday with negative bias. Last week rally have surprised many participants. FII turn buyer in cash segment as well covered its short position in F&O.
Categories
23-Jul-22 Fundamental & Technical Insight
We expected this week, Indices to trade in narrow range, but once Nifty @ 16255 & Banknifty @ 35543 was crossed, Indices did witness sharp rally backed by short covering.
Last week CITIBANK earnings which was better than estimate have turned sentiment at Wall Street. As far as Indian market is concern, most corporate earnings which came was in-line with expectation and few positive surprises such as INDUSINDBK & ULTRACEMCO. Most Index heavy’s such as TCS, RELIANCE, HDFCBANK & HCLTECH came with minor miss or within expected line.
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