Market Commentary

Daily Markets Wrap - July 14, 2022 - HDFC Securities

Posted On : 2022-07-14 20:43:07( TIMEZONE : IST )

Daily Markets Wrap - July 14, 2022 - HDFC Securities

Mr. Devarsh Vakil - Deputy Head Retail Research, HDFC Securities

Markets opened with flourish despite soft global cues, however profit booking kicked in at higher levels and Nifty fell almost 200 points from the day's high. Finally, it managed to negotiate the weekly derivative expiry session with minimal damage. At the close nifty was down 20 points or 0.12% at 15946. Weakness in PSU banks and technology sector dragged the markets lower today. Hope of review of windfall gain tax buoyed oil & gas stocks, and it was the top performing sector of the day.

Declining shares outnumbered the advancing shares on Thursday where advance decline ratio stood at 0.73 on BSE. Bulls were enthused when wholesale inflation eased from a three-decade high in June, amid some softening in prices of global commodities including crude and edible oils that are key imports for the nation.

Nifty is placed near the upward sloping trendline support, adjoining the lows of 20-June and 21-July 2022. After fall of almost 400 points, Nifty is now near the support of 15800-15900 range, where option writers have written Put options. Immediate resistance is placed around 16100 levels, followed by 16275 levels.

Source : Equity Bulls


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