Daily Report 11-Jul-22

TCS result may react negative with IT stocks, corporate earnings & economic data will continue to dominate this week.  India’s CPI on 12-July.

Telecom News: 5G Auction.  Adani Telecom will be the fourth player to bid in 5G auction along with JIO, BHARTI & VI.  However, Adani Group clarified – no planning to enter consumer mobility.

Telecom News: 5G Auction.  Adani Telecom will be the fourth player to bid in 5G auction along with JIO, BHARTI & VI.  However, Adani Group clarified – no planning to enter consumer mobility.

Approach on Indices: Looking for support on Nifty @ 15970 & Banknifty @ 34228 and breakout if Nifty manages to cross 16255.

Market View: Rally in last week was supported by weak food and energy prices, which was main cause of inflation.  Crude oil & Agriculture prices have recovered from last week’s low.  Consolidation looks likely before fresh set of news and triggers.