Morning Market Quote : At 17150 Nifty valuations are again moving to the higher side Says Dr. V K Vijayakumar, Geojit Financial
Quote on Morning market 01 August 2022 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
"The 9% rally in Nifty in July is in sync with the 9% rally in S&P 500. The pull back in US and other developed markets was facilitated by the strong employment numbers and resilience of the US economy, triggering hopes that the US might succeed in avoiding a recession, or if the recession happens, that would be a mild one. The big positive for the Indian market is the FPIs turning buyers in July after 9 months of relentless selling. The sharp decline in the dollar index from above 109 to below 106 now indicates that the flight to the safety of the dollar is over for now.
At 17150 Nifty valuations are again moving to the higher side. So at higher levels investors have to exercise caution.
After the expected run up in financials, now, capital goods, autos particularly PV and CV segments and select pharmaceuticals look interesting.
High quality financials will continue to be resilient."
Above views are of the author and not of the website kindly read disclaimer
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