Market started the week on a positive note, in continuation to last week’s trend - Religare Broking
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Nifty Outlook
Market started the week on a positive note, in continuation to last week’s trend and ended with gains of nearly one percent. Supportive global cues as well as healthy buying across sectors led the benchmark to gradually inch higher as the day progressed. The Nifty ended with strong gains of 17,340 levels, up by 1.06%. Amongst the sectors, except pharma, all the sectoral indices ended in the green with auto, energy and media ending as top gainers. The broader market, midcap and Smallcap too ended higher in the range of 1.7-1.8%.
This week markets will continue to take cues from on-going earnings as well as global peers. Besides, RBI monetary policy outcome scheduled on 5th August will be crucial for market participants. We would advise investor’s to focus on maintaining a stock specific approach.
News
* Maruti Suzuki India clocked total sales of 175,916 units in July 2022. Total sales in the month include domestic sales of 145,666 units, sales to other OEM of 9,939 units and exports of 20,311 units.
* UPL Q1FY23 revenue was up 27.1% at Rs 10,821cr versus Rs 8,515cr, YoY. Its net profit jumped 29.5% to Rs 877cr as against Rs 677cr YoY.
* Tata Motors auto sales in the domestic & international market for the month of July 2022 stood at 81,790 vehicles as compared to 54,119 units during July 2021.
Derivative Ideas
BALKRISIND has witnessed a fresh breakout from its inverted “Head and Shoulder” on daily chart. Considering the current chart pattern combined with the recent traction in the Auto pack is further adding positivity. We thus suggest traders to use this phase and initiate fresh longs as per the levels.
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