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Published on 24/08/2022 4:40:19 PM | Source: Emkay Global Financial Services Ltd

Perspective on market By Mr. S Hariharan, Emkay Global Financial Services

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Below is perspective on market By Mr. S Hariharan, Head Sales Trading, Emkay Global Financial Services on the market

“With the ongoing spike in natural gas prices in Europe, there is increasing recognition of a synchronized recession in EU, US and China in the rest of CY22 – as a result, currency market volatility has been dictating the macro flow picture for equities too. FPI flows were constructive till last week but have now started turning negative and are best reflected in build-up of short interest in index futures. Retail have been on the sidelines, and did not participate in the previous rally, can be expected to start providing buying support to Nifty around its 50-week moving average at 17150.

IT remains most vulnerable to further earnings downgrades stemming from a global recession, while a renewed rally in commodities like natural gas, coal and crude would be negative for downstream sectors like Cement & Consumer durables. Banking sector remains most resilient but is also the consensus overweight sector for domestic as well as foreign institutions.”       

 

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