As we have mentioned in our market view last week: we would like to focus on Banking and IT stocks, Banknifty was up 4.72% this week compared to Nifty @ 2.97%.
Interesting part to watch out this week was VIX @ 18.40, significantly cooled-off and now trading below 20 level. This week, economic data from US and corporate earnings have just begin and next week will be important. TCS Q1FY23 result may lead to some disappointment in IT stocks on Monday. US jobs data released on Thursday & Friday was strong.
Approach on Technical: Looking at gap between RSI & RSI average of Nifty & Banknifty, Significant cool-off in VIX, we expect this week to be trading in narrow range with 16000 – 16300 on Nifty & on Banknifty range could be 34200 – 35500.
Fundamental Insight
This week important US data and Indian CPI, IIP & WPI data will be released. Monday will start with reaction on TCS result. Last week rally looks a bit stretched and we may see some cool-off and inflation could provide much needed reason for any directional move.
Categories
9-Jul-22 Technical & Fundamental Insight
Our weekly target of 16178 was achieved this week and Nifty closed at 16220.60 while holding on to 15563 level.
This week important US data and Indian CPI, IIP & WPI data will be released. Monday will start with reaction on TCS result. Last week rally looks a bit stretched and we may see some cool-off and inflation could provide much needed reason for any directional move.
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