Daily Markets Wrap - July 7, 2022 - HDFC Securities

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

Nifty builds on the gains of the previous session on July 07. Nifty opened the gap up and rose through the day, barring a short correction between 1340 Hrs and 1415 Hrs. At close, Nifty was up 0.89% or 143.1 points at 16132.9. The advance decline ratio was much above 1:1 and the broad market indices i.e. Small cap and Midcap indices rose more than the Nifty.

Global stocks were up as softer oil prices and a weaker dollar signalled fears about inflation and the pace of monetary tightening are fading. Asian stocks managed gradual gains on Thursday as investors grappled with the risks of a recession and a potential pause in interest rate hikes. European stocks rose as investors debated whether market valuations have turned attractive in the wake of a sharp selloff.

Reports that China's Ministry of Finance is considering allowing local governments to sell 1.5 trillion yuan ($220 billion) of special bonds in the second half of this year, an unprecedented acceleration of infrastructure funding aimed at shoring up the country's beleaguered economy boosted metal stocks.

Nifty is now close to filling the down gap of 16173. Once that is achieved sustainably, the near-term bearishness will get nullified and a move towards 16347 could begin. 16011-16025 could be support band for the Nifty in the near term.

Source : Equity Bulls

Keywords

DailyMarketsWrap HDFCSecurities Nifty Sensex