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Next Week Pharma, FMCG and Steel Sectors will be on Focus: CapitalAim

Posted On: 2019-08-03 12:47:20

Mr. Romesh Tiwari, Head of Research, CapitalAim.

The Benchmark Nifty50 open weak following negative global markets and made a low of 10848.95 on Friday but then recovered from there to test the levels of 11080.15 but closed below 11000 level.

For next week, MACD is still giving sell signal on the daily chart combined with 20-day moving averages on the daily chart made a downward crossover of the 120-day moving average. However, RSI is in the oversold zone which is now placed at 26.55 levels so, we could expect a bounce-back in the Nifty50 index with resistance coming around 11360 levels and on the downside support is placed deep around 10725 levels on the daily chart.

News of PMO reviewing recent taxation provisions on FPI and postponement of increasing public float limit of listed companies to 35% may provide some relief and help related stocks.

For the next week, the stocks of pharma, FMCG and steel sector could move upward whereas; the auto sector is still looking weak but we may see some consolidation around these levels.

In India, there would be Interest Rate Decision on Wednesday while; on the international front there would be data on ISM Non-Manufacturing PMI on Monday.


Source: Equity Bulls

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