Weekly Market Update(04/07/2022–8/07/2022) #16
Market is expected to stay positive with profit booking to some extent at some higher levels, focus will also be regarded June inflation numbers of India and US
Every sector of the Indian market joined the bull run this week, helping to boost the equity benchmarks Sensex and Nifty by 3% each. Positive cues from international competitors and declining oil and commodity prices helped the surge.
The week ending July 8 saw a one-month high for the key stock indices. The Nifty50 increased 468 points to 16,221, the highest closing level since June 9, maintaining the upswing for the third consecutive week, while the BSE Sensex increased 1,574 points to 54,482.
The Nifty Midcap 100 and Smallcap 100 indices rose by 4% and 3%, respectively, as the broader markets joined the bounce.
FII and DII Data
FIIs turned net buyers for a single day during the week, but overall they remained net sellers for the week ended July 8, offloading more than Rs 2,200 crore worth shares. DIIs have net bought shares worth Rs 3,910 crore during the passing week.
Most of experts are saying the FII outflow is expected to continue till the significant improvement in global situation.
Technical View on Nifty
Indications are favourable for a further rebound in the index and the Nifty could test the 16,500 zone.
According to smaller and bigger period charts, the Nifty might experience a significant trend reversal to the upside if it is able to maintain its position above 16,200 levels and rises over the course of the next one to two sessions. By the following week, Nifty might move in the direction of the next upward barrier at 16,500 levels. Immediate support is placed around 16,150–16,100 levels.
Stocks to keep an eye for swing trade
- KPIT Technologies
KPIT Technologies looks strong on technical factors with supporting strong financials, the stock is almost 40% down from 52-week high and with a bounce in IT Sector this stock poses a strong swing trade opportunity.
2. VEDANTA LTD.
Vedanta Ltd. has been active in metal sector for quite some time, the stock has given a good rejection from 210 levels multiple times. With plans of expanding into semiconductor industry, the stock portrays strong financials and a good investment opportunity.
The views represented are only for educational purpose not any stock recommendation, cradletradle is not responsible for any kind of your profit or loss.
Wish you a great trading week ahead!!
