Market had just finished one of the best months in last 18 months, Nifty & Sensex gained around 9% and Banknifty recorded gain over 10%.
Nifty RSI @ 72.77 & RSI average @ 65.08, indicate currently in over-bought zone. Nifty 200-DMA is currently at 17025. Nifty immediate target comes at 17332 & support at 16991 as show in Nifty chart. Consolidation at current level could be healthy.
Banknifty RSI @ 74.01 & RSI average @ 69, on Friday it underperformed Nifty and that trend may continue this week as RBI MPC meeting outcome is on 5-Aug-22.
Approach on Indices: We will wait for consolidation and prefer to take fresh long position on Nifty @ 16691 & Banknifty @ 36926.
Corporate earnings remain key focus as so far there have been no major disappointment in result season. Momentum likely to shift to Mid-cap & Small-cap stocks as many companies are due to announce Q1FY23 earning in next 2 weeks.
SGX Nifty @ 17256.50 up 25 points at 7:50 AM
Categories
Daily Report 1-Aug-22
Market had just finished one of the best months in last 18 months, Nifty & Sensex gained around 9% and Banknifty recorded gain over 10%.
Dollar Index continues to cool-off on less aggressive hike by US Fed going forward.
EPFO likely to hold on to decision to make investment in equity @ 20%. Likely to hold on to current 15% investment in Equity market.
Click on the attachment to read the full report: