Market Commentary

Daily Markets Wrap - July 8, 2022 - HDFC Securities

Posted On : 2022-07-09 10:44:25( TIMEZONE : IST )

Daily Markets Wrap - July 8, 2022 - HDFC Securities

Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty rose for the third consecutive day on July 08 ending the third week of gains. Nifty opened gap up and remained in a 62 point band through the day before closing near the intra day high. At close, Nifty was up 0.54% or 87.7 points at 16220.6.

Among sectors Power and Capital Goods rose the most while Metals was the main loser. Focus remained on largecaps and Midcap and Smallcap indices underperformed vis-à-vis the Nifty although advance decline ratio remained positive.

Equity mutual fund schemes saw a 16.3 percent decline in net investor flows in June to Rs 15,497 crore as volatility in stock markets hammered market sentiment. The number of new SIP accounts opened stood at 17.92 lakh. The SIP contribution dipped marginally over the last month to Rs 12,275 crore in June.

Asian shares inched up on Friday, tracking Wall Street gains overnight and as fears of an economic slowdown cooled somewhat. European stocks were subdued on Friday after two days of gains as investors awaited the release of U.S. non-farm payroll data for June later in the day.

Nifty filled the downgap of 16,173 convincingly and closed above it. Nifty now enters a crucial resistance band of 16293-16610. On downmoves 16026 could offer support. Nifty has not gained for more than three weeks in a row since mid January 2022. It will be interesting to see whether this pattern sustains or breaks in the coming week.

Source : Equity Bulls


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