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Daily Report 16-Aug-22

India’s CPI Inflation data released on Friday came @ 6.71%, inflation below March 2022 level of 6.95% and below 7% after 3 months.

China’s economic data released on Monday was weak, triggering fresh recession fear. China surprises with rate cut as data shows alarming slowdown.

India’s CPI Inflation data released on Friday came @ 6.71%, inflation below March 2022 level of 6.95% and below 7% after 3 months.

China’s economic data released on Monday was weak, triggering fresh recession fear.  China surprises with rate cut as data shows alarming slowdown.

Nifty: RSI @ 80.48 & RSI average @ 76.44.  Nifty rallied 1.73% this week but RSI constantly remained above 70 level.

Banknifty: RSI @ 80.09 & RSI average @ 75.84.  It continues to trade in overbought territory.  Banknifty rally could continue and test 39726 level.  With immediate support at 37716 level.

Market View: We continue to focus on Mid-Cap & Small-Cap stocks and prefer to play stocks with strong momentum for long side.  We will continue to follow “Sell-on-rise” strategy.  

SGX Nifty@17855.50 Vs 17716.90 (Friday’s cl) up 138.50 at 7:55 AM

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