View on Market Performance - Mr. Deepak Jasani - Head Retail Research, HDFC Securities

Nifty fell sharply on July 21, following disappointing results/guidance from IT companies including Infosys. It fell at the fastest pace in about 18 weeks. At close, Nifty was down 1.17% or 234.2 points at 19745. Volumes on the NSE continued to be higher than normal. Broad market indices did better than the Nifty and Smallcap index ended 0.13% in the positive even as the advance-decline ratio came in lower at 0.82:1.

Global stocks were mixed on Friday, as the tech sell-off on Wall Street sent jitters through the market while investors prepared for key central banks to announce their latest policy decisions next week.

Nifty ended in the negative on July 21 after a six-day winning streak. On a weekly basis, it rose 0.92% losing some of the early week gains towards the end of the week. On weekly charts the Nifty has formed some sort of shooting star pattern, raising concerns about topping out of the Nifty. The Nifty could stay in the 19524-19854 band for the near term. A move below 19524 could confirm the formation of a top at the weekly high of 19992.

Source : Equity Bulls

Keywords

MarketPerformance Nifty Sensex HDFCSecurities