Mr. Deepak Jasani, Head of Retail Research, HDFC Securities.
Nifty closed higher for the day on June 24 and for the week aided by positive global cues but on lower than normal volumes suggesting lower participation by FPIs who have been sellers relentlessly in Indian markets. At close, Nifty was up 1.92% or 142.6 points at 15699.3. Globally technology stocks were back in favour as the spectre of inflation receded due to commodity price falling. Advance decline ratio was sharply in the positive even as the Smallcap and Midcap indices outperformed the Nifty. Among sectors, Power, Auto and Telecom indices gained the most while IT was the sole loser.
Global equity funds saw their biggest outflows in nine weeks as investors piled into cash amid fears that the US economy could be headed for a recession. About $16.8 billion exited global stock funds in the week through June 22, with US equities seeing their first outflow in seven weeks at $17.4 billion, Bank of America Corp. said, citing EPFR Global data.
A breach of 15886 on the Nifty next week could result in acceleration of the uptrend, while 15557 needs to be protected on the downside.