Daily Market Commentary : Nifty witnessed pressure for the third consecutive day and traded sideways Says Mr. Siddhartha Khemka, Motilal Oswal
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Daily market commentary 25 July 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Nifty witnessed pressure for the third consecutive day and traded sideways throughout the session to close with minuscule gains at 19681 levels. Sectorially it was a mixed bag with buying seen in Metals, Auto, and Consumer Durables. While PSU Bank and FMCG were top laggards. Metal stocks were in the limelight after China announced to provide policy support to aid economic recovery. Auto stocks were also in focus led by strong numbers posted by TVS, Bajaj Auto, and JLR. After making a fresh high of 19992 on 20th July – just a few points away from the psychological level of 20k, Nifty witnessed profit booking on account of mixed corporate results and weak global cues. We expect cautiousness in the market, ahead of the Federal Reserve's policy meeting on Wednesday where a 25bps hike is expected
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