Dear Readers Quick recap of the market for the current week is enclosed.( 05th July to 11th July 2021)
Hope You are doing well.
The Indian market fell for the second day in a row on Friday pushing the Nifty50 below 15700 levels. The Sensex fell by about 200 points. This is because of the unsupportive global cues and worries over the spread of the Delta variant of the coronavirus, muted rainfall etc. The short-term trend still suggests
'buy on dips' till the time the swing low of 15450 stays untouched. However, the upside from here too won’t be that easy since the volatility index VIX is trading near its bottom, but the losses were capped amid unlocking of the economy. The post-opening up trends in China and US are a good indication of what India could achieve once the lockdowns become a fading memory. Improvement in global corporate earnings is at a record high. EM earnings estimates are also catching up. The situation on the vaccine front is looking up. We reckon 80% of India’s adult population will be vaccinated by March 2022. Q4 results have been encouraging, with many companies recording healthy revenue growth, even after adjusting for the low base of last year.
Market Update: 09th July 2021
Sensex: 52386.19 ▼0.35%
Nifty: 15689.80 ▼0.24%