A new temporary drop in the coming week should not be interpreted as a bad thing, but the buyer should focus on using the strategy because we do not expect to break the main support level of the 16900.
Written by Dharmesh Shah
The NSE Nifty 50 index started last week on a positive note and then reached our target of 17500. As a result, the price of the week formed a bullish candle with higher highs. and low to indicate a good condition. We reiterate our bullish stance and expect the Nifty to move towards the 17,900 level in the coming weeks after a total decline of 80% from October 2021 to June lows (18600-15200). Any temporary drop in the coming week should not be interpreted as negative, but the buyer should focus on the price that has no sign of breaking the main support at 16900 which is expected.
A) The drop in Brent prices below $98 boosted sentiment, which should help ease inflation concerns, which is good for stocks.
B) The percentage of sales that lasted more than 50 days shows an increase in market breadth, the current reading is 86% compared to mid-July, when 44 %, showing the expansion of the participation of groups and groups. Like the market
C) In developed markets, the S&P 500 pulled back from key support after a 24% correction from a lifetime high. Since 2008, the S&P500 has been in constant decline and recovery after an average correction of 25% over three major periods. We hope that the history of good communication between the Indian market and DM will continue in the future.
D) in markets arising, India’s strategies are more than MSCIs. As the Fii is purchased in the Indian market a few weeks ago, we hope to restore more.
SBI Shares Down 2.8 Percent After Disappointing April-June Quarter Results; Looking to buy, sell or hold?
On the IT front, BFSI, which contributes 50% weight to the index, is expected to lead with strong support from the automotive, medical, and consumer sectors. Our favorite big brands are HDFC Bank, HDFC, Infosys, Tata Motors, Bharti Airtel, Cipla, Tata Steel, Titan Company, and in the middle we like Astral Polytechnic, Canara Bank, Havells, Tata LKS, Brigade Enterprises, KSB Pumps and Sumitomo. . Hazardous Chemicals, JK Lakshmi Cement, Tata Chemical, Trent.
In preparation, the 50% pullback from the last announcement (16438-17407) with a good chance was seen on July 29, 2022, ensuring that the high-low formation through the general market is tested. support in 16900. 16930-17018 ).
Increase the value of such shaft to 2% even if the loss is a loss of Q1 645 Cross; Are you buying, holding, or selling?
The index of intermediate index exceeded the index by a certain margin, supporting the improvement of the market, and showing a general trend. In the future, we look forward to seeing the process of receiving in a small ship.
Closing Bell: Nifty ends above 17,900, Sensex up 418 points; a parade of PSU banks
The rally on Dalal Street maintained momentum as the Sensex crossed the psychological level of 60,000 and the Nifty moved towards 18,000 on weak inflation and strong FII buying this month. While global factors remain clouded, India is seen as a bright spot in today’s challenging times.
Technically, the market has consistently formed higher highs and higher lows, indicating a continuation of the uptrend in the near term.
Nifty has also formed a bullish candle on the daily chart which also supports the uptrend. However, a quick intra-day correction is not ruled out if the index trades below 17850, and below it can touch the 17700-17680 level. On the other hand, above 17850 the index’s first increase target is 18000 and with further increases, it can increase to 18175.
Nifty continued its northward run due to continued buying by FIIs and a fall in crude oil prices, however, there is a risk of further profit fixing after a 7-day winning streak as Nifty approaches the psychological level of 18000.
On the smaller side, 17700 will be an immediate support level while 17500-17400 is a strong demand area for any pullback.
PSU banks and IT stocks helped the Nifty today move above the 17900 level, but some adjustment gains were reflected in the vehicle names. The HDFC twins recovered all the initial losses leading to a recovery in Nifty Bank from lower levels.
Nifty Bank is consolidating near 39500 level where we can expect further profit fixing towards 38700-38400 area, while if it sustains above 39500 level we can expect movement towards 40000 level.
DIRECTIONS RECORDED BY BAROMETERS; Nifty has over 17,900
Equivalents traded near daily highs slightly higher in afternoon trading. Nifty rose above the 17,900 level. Apart from the Nifty Auto Index, all other sectoral indices on the NSE were trading in the green. Investors are waiting for the U.S. to be released. The FOMC announced minutes later.
At 13:25 IST, the barometer index S&P BSE Sensex was up 382.81 points, or 0.64%, at 60,225.02. The Nifty 50 index added 106.5 points or 0.60% to end at 17,931.75.
In the broader market, the S&P BSE Mid-Cap index was up 0.68% and the S&P BSE Small-Cap index was up 0.62%.
Market expansion was strong. On BSE, 2008 stocks rose and 1,338 stocks fell. 135 shares remained unchanged.
Profit and loss:
Bajaj Finserv (up 5.80%), Bajaj Finance (up 4.01%), HDFC Life Insurance Company (up 3.08%), Tech Mahindra (up 2.31%) and Eicher Motors (up 2.17 ) and won the Nifty.
Mahindra & Mahindra (down 1.19%), Apollo Hospitals (1.18%), Coal India (0.96%), Cipla (0.65%) and Maruti Suzuki (0.60%) among many others lost
Cipla reported a decline of 0.65%. Leading Hospitals on Tuesday announced that its Board of Directors has approved the appointment of Ashish Adukia as the company’s Global Chief Financial Officer (CFO) and Chief Executive Officer effective August 16, 2022.
Activities in Spotlight:
Bharti Airtel gained 2.16%. The telecom operators said they have paid Rs 8,312.4 crore to the Ministry of Telecom (Government of India) for the spectrum areas acquired in the recent 5G decision. According to the regulatory filing, Airtel will first pay the 2022 spectrum fee for 4 years. The company believes that this first payment, along with a waiver of the spectrum and AGR fees for the next four years will generate cash acquisition shortly to allow Airtel to allocate resources to focus on the 5G deployment.