Market Commentary

Daily Markets Wrap - July 28, 2023 - HDFC Securities

Posted On : 2023-07-28 22:44:05( TIMEZONE : IST )

Daily Markets Wrap - July 28, 2023 - HDFC Securities

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

Nifty closed lower for the second straight day on July 28, pulled down by weak global cues and a series of muted Q1 results. At close, Nifty was down 0.07% or 13.9 points at 19646.1. Broad market indices ended in the positive even as the advance decline ratio remained firm at 1.08:1.

Global shares traded mixed on Friday as investors digested monetary policy steps/message from Japan. The Bank of Japan's policy shift could have seismic implications for global money flows, since a cheap yen that's been inexpensive to borrow has been a mainstay of capital market funding for years, and it now faces upward pressure from rising Japanese yields just as global rates seem to peak.

Nifty after falling in the early part of the session, recovered part of the losses on July 28 and formed a high wave doji pattern after a small fall. On weekly chart, Nifty fell 0.5% over the week after gaining for the previous four weeks. 19562 becomes a crucial support for the Nifty below which a fall of another 2% could follow and the 17 week rally from the low of 16828 could be said to have ended. 19748 could be a resistance for the near term.

Source : Equity Bulls


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