Market Commentary

Daily Markets Wrap - July 29, 2022 - HDFC Securities

Posted On : 2022-07-31 15:20:34( TIMEZONE : IST )

Daily Markets Wrap - July 29, 2022 - HDFC Securities

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

Nifty rose for the third consecutive session on July 29 helped by positive global cues and return of FPI buying. Nifty opened gap up and remained in a 154 point range through the day before closing 1.35% or 228.7 points higher at 17158.3. Nifty was once again the best performer in the Asian region.

Volumes on the NSE were the highest since May 31, 2022. Among sectors, Metals, Oil & Gas and IT indices rose the most. Midcap index underperformed compared to the Nifty rising 1.01%. Advance decline ratio was sharply up at 2.06:1.

Global stocks rose on Friday, on course for their best month since late 2020 as traders bet a weakening U.S. economy could slow the pace of monetary tightening in the US, while the dollar struggled broadly against its rivals.

Growth in the euro zone economy accelerated in the second quarter of the year, but the region's prospects get hit as Russia continues to reduce gas supplies. The 19-member bloc registered a gross domestic product rate of 0.7% in the second quarter, according to Eurostat, Europe's statistics office, beating expectations of 0.2% growth. It comes after a GDP rate of 0.5% in the first quarter.

Nifty rose 2.62% for the week and 8.73% for the month (recouping the losses of the previous two months and recording the best monthly gain after Nov 2020). Nifty has risen 1975 points in the past 6 weeks. 17442-17640 could be the next resistance band for the Nifty while 16752 could be the support. Nifty could make a new high in the coming week before running into correction the week after.

Source : Equity Bulls


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