Dear Readers Quick recap of the market for the current week is enclosed.( 19th July to 25th July 2021).
Hope You are doing well.
It was a Quick Turnaround for the Indian markets. After 3 days of decline, Nifty50 close above 15800 levels. The benchmark indices rallied over 1 percent, as the Sensex rose closed 639 points higher at 52,837 and the Nifty 191 points at 15,824. This rally is supported by the positive global set-up and a decent start to the Q1FY22 earnings season. Markets are clearly rewarding the stocks/sectors where the earnings momentum is strong (such as IT - especially midcap IT, Cement, Metals) or where growth visibility remains good (such as Chemicals, Healthcare, etc.
Sectorally buying interest was seen in metals, telecom, capital goods, and power, which rose more than 2 percent each. The FMCG Sector saw some profit-taking after Hindustan Uniliver Results.
For the Upcoming Week, Traders can maintain a bullish view if we holds above 15800 levels, we can witness move towards 15950 levels and 16200 levels. A confirmation by the Fed to continue its supportive policy in the upcoming meet despite rising inflationary pressure will be a key factor in maintaining the rally.
On Technical Front India VIX fell 9.96 percent from 13.20 to 11.88 levels. Declines in volatility indicate that the bulls are again in command and buying interest is seen at every meaningful decline.
This week the Indian rupee rupee gets stronger against the US dollar. It ended 18 paise higher at 74.425 on July 19 against its July 12 closing of 74.60.
Market Update: 23rd July 2021
Sensex: 52975.80 ▲ 0.26%
Nifty: 15856.05 ▲ 0.20%