Dear Readers Quick recap of the market for the current week is enclosed.( 26th July to 01st August 2021).
Hope You are doing well.
Indian market remained under pressure for the second consecutive week. Sensex fell 388.96 points (-0.73 percent) to end at 52,586.84, while the Nifty was down 93.05 points (-0.58 percent) to end at 15,763 levels. This Volatility is due to mixed global and domestic cues.
The index is getting nervous at higher levels. Every time it goes closer to the 15,900 level, it is facing bouts of selling pressures as a result of which it takes a U-turn and collapses. For the Upcoming Week, Traders can maintain a mildly bullish view if Nifty holds above 15750 levels, we can witness move towards 15850 levels and 15950 levels. Traders are advised to maintain a neutral bias as long as Nifty does not break below 15550. A break below the support is likely to trigger a short-term correction. The RBI’s MPC meeting in upcoming week will also be a deciding factor for next direction of market.
Sectorally, Nifty Metal outperform other indices adding nearly 8 percent, followed by Nifty Media and IT index that added 2 percent each. On the other hand, Nifty Energy and Auto indices lost 1.5-3 percent.
Last week, foreign institutional investors (FIIs) sold equities worth Rs 10,825.21 crore, while domestic institutional investors (DIIs) bought equities worth Rs 8,206.32 crore. In July, FIIs sold equities worth Rs 23,193.39 crore, while DIIs bought equities worth Rs 18,393.92 crore.
This week the Indian rupee rupee ended Flat against the US dollar. It ended 74.41 on July 30 against its July 23 closing of 74.40.
Market Update: 30th July 2021
Sensex: 52,586.84 ▼ 0.13%
Nifty: 15,763.05 ▼ 0.10%