Daily Market Wrap - July 28, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian benchmark equity indices saw the sharpest recovery in recent times from morning lows on July 28. Nifty opened flat and started to fall from the first few minutes of trade. It made an intra day bottom at 1045 Hrs and then started to rise gradually. At close the Nifty closed 37 points or 0.24% lower at 15709.4.

Amidst volumes that were lower than the previous day and slightly higher than recent averages, Metal and telecom stocks gained while Auto & realty sectors fell.

Nifty broke the 15635 support but bounced back to close marginally in the negative for the day. The selling in the markets got arrested once the Hongkong and Chinese markets reversed their weak trend this morning showing signs of stability after three days of sharp weakness. Global markets show some stability ahead of US Fed meet. Broad market however shows weakness as per the weak advance decline ratio. Nifty can now stay in the 15635-15797 band for the next 1-2 sessions.

Source : Equity Bulls

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