Daily Markets Wrap - July 15, 2022 - HDFC Securities

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

Nifty reversed the four day losing streak on July 15 and ended in the positive. Nifty opened with a gap up, cooled off towards noon and restarted its upward journey post 1345 Hrs. At close Nifty was up 0.69% or 110.5 points at 16049.2.

Among sectors, Metals was the largest loser, while Capital Goods, Consumer Durables, Auto and FMCG indices gained the most. Advance decline ratio was above 1:1 and the BSE Midcap index rose 0.84% beating the Nifty gain.

Share prices were mixed in Asia on Friday after China reported its economy contracted by 2.6% in the last quarter as virus shutdowns kept businesses closed and people at home. European stocks rallied on Friday after two Fed officials signaled support for a second straight 75-basis-point rate hike at the U.S. central bank's policy meeting later this month, alleviating some fears of a 100-basis point hike.

Nifty broke a four day fall on Friday but still ended the week in the negative - down 1.06% after a three week rise. A move above 16200-16250 attracts sellers (especially FPIs) into the market. A breach of 16275 would be required to gain further upward momentum while a move below 15886 could portend further bearishness. While quite a few negatives are getting discounted fast, the flow of fresh negatives need to stop for sustainable rise in markets.

Source : Equity Bulls

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