Market Commentary

Daily Markets Wrap - July 18, 2022 - HDFC Securities

Posted On : 2022-07-18 22:07:33( TIMEZONE : IST )

Daily Markets Wrap - July 18, 2022 - HDFC Securities

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

Nifty rose sharply on July 18 aided by supportive global sentiments. Nifty opened gap up and inched up through the day to close almost at the intra day highs. At close, Nifty was up 1.43% or 229.3 points at 16278.5.

Among sectors, IT, Metals, Capital Goods and Banks were the main gainers while FMCG index ended marginally in the red. The broad market indices - Smallcap and Midcap indices ended up, in line with the Nifty, while the advance decline ratio was 2.8:1.

World stocks rose on Monday as scaled back bets on the latest Federal Reserve rate hike next week and support pledges for China's economy lifted the mood. Investors are seen staying a bit cautious ahead of a European Central Bank policy meeting and a scheduled resumption of Russian gas flows via the Nord Stream 1 pipeline.

Morgan Stanley has slashed its forecast for India's economic growth for this financial year and the next in view of a slowdown in global growth. The growth forecast for the country's gross domestic product (GDP) for 2022-23 has been lowered by 40 basis points to 7.2 percent, while that for 2023-24 has been reduced by 30 basis points to 6.4 percent.

Nifty has scaled a new high of the past 5 weeks. 16487-16514 band is the next resistance while the supports shift to 16070-16140. Positive global sentiments keeps buoying the Nifty and hence one will have to watch them closely.

Source : Equity Bulls


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