Last week – review
Nifty took support at 17345 on Tuesday in opening session and manage to trade in range of 17384 to 17775. Banknifty traded in range of 38000 to 39500 while holding on to 38418 level on closing basis.
Approach on Technical: Friday’s closing, technical indicate mix picture, but global cues are weak and indicative opening on Monday will be around Nifty @ 17384 & Banknifty around 38418.
Indices could retrace 61.8% of the recent rally, going into trade with weak global cues. Nifty below 17384 could test 17023 & Banknifty below 38418 could test 37589 level.
Market View & Strategy
Indian market has been resilient in month of May & June 2022 where there was global turmoil. After yesterday’s speech again there will be change in narrative to bearish & skeptical from “Inflation & Interest rate seen peaking” which triggered rally from 17-Jul-22 to 18-Aug-22.
We would focus on domestic companies more than companies with global exposure such as IT & Metal. Nifty @ 17000 & Banknifty @ 37500 will provide opportunity to do fresh allocation.
Indian market has been resilient in month of May & June 2022 where there was global turmoil. After yesterday’s speech again there will be change in narrative to bearish & skeptical from “Inflation & Interest rate seen peaking” which triggered rally from 17-Jul-22 to 18-Aug-22.
We would focus on domestic companies more than companies with global exposure such as IT & Metal. Nifty @ 17000 & Banknifty @ 37500 will provide opportunity to do fresh allocation.
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