Last week – review: Nifty manage to hold on to support level of 15970 level and holding on to critical support level at 15779. Rally on late Friday manage to cut losses on weekly basis, still major indices ended with just around % cut.
US economic data continue to have its impact on global market. US CPI & Core CPI came at fresh 4-decade high, raising expectation of 100 bps rate hike in upcoming 27-Jul-22 meeting. US Fed members, however played down fear of 100 bps rate hike, but 75 bps rate hike is now almost factored in.
Approach on Technical: Nifty break above 16255 & Banknifty break above 35543 could open significant upside.
Keeping in view trend in last 2-week, market retraced / consolidated from a rally in 1st week of July. This week again we expect Indices to trade on Nifty in range of 15800 – 16255 & Banknifty in range of 34021 – 35543.
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16-Jul-22 Technical & Fundamental Insight
Last week – review: Nifty manage to hold on to support level of 15970 level and holding on to critical support level at 15779. Rally on late Friday manage to cut losses on weekly basis, still major indices ended with just around % cut.
US inflation data – CPI & Core CPI continue drive global market as world keeps guessing whether US Fed will hike rate by 75 bps or 100 bps. Retails sales data on released on Friday and CITI result triggered rally at Wall Street helped by Fed members, who played down 100 bps rate hike.
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