Daily Market Wrap - July 23, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian equity indices ended marginally higher on July 23 capping the weekly losses. Nifty opened slightly higher, went up and down in a range through the day and closed marginally higher for the day. Finally Nifty closed 0.2% higher for the day and 0.4% lower for the week at 15856.

Stellar Zomato IPO listing contributed to an improvement in volumes though advance decline ratio was in the negative.

The Supreme Court of India dismissed the applications by telecom companies seeking permission to approach the DoT on calculation of the dues in the adjusted gross revenue case. Telecom shares were hence one of the highest losers alongwith Auto and Capital Goods.

World stocks markets perked up on Friday after a volatile week in which sentiment over the global economic outlook rose and fell with each new headline on the Delta variant of the coronavirus.

Nifty has formed lower top lower bottom on weekly charts compared to the previous week. Hence 15962 resistance becomes an important determinant of the future direction. As long as this level is not breached, markets, sectors and stocks could undergo rotational profit taking. 15630 remains an important support level.

Source : Equity Bulls

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