Daily Market Wrap - July 19, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty fell on July 19 after a weak opening following negative cues from Asian markets. An attempt to recover from the morning lows failed to gain momentum and the Nifty closed not very far from the intra day low. Fall in Nifty on July 19 was the highest in points and percent basis since April 30.

Newly listed GR Infra and Clean Science had dream debuts listing 98-103% higher from offer price. While volumes in cash markets were higher than recent averages, advance decline ratio turned negative suggesting profit taking.

Bank stocks came under pressure on renewed fears of asset quality/rising slippages following Q1 results from Banks. Metal and Auto stocks also came under selling pressure following virus scare and inflation worry on a global basis.

Nifty has fallen sharply with a downgap and the next support is 0.8% away. Retail investors may review their portfolios and start raising some cash / book profits partly. In case the Nifty settles and starts to rise again they could find another set of stocks to ride on.

Source : Equity Bulls

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