Morning Market Quote : Nifty is likely to consolidate around the present levels before making its next move Says Dr. V K Vijayakumar, Geojit Financial
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Quote on Morning market 21 July 2022 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
"With around 8.5% rally from the June lows, Nifty is likely to consolidate around the present levels before making its next move, which will be influenced by the outcome of the ECB and Fed meetings due on 21st and 27th July respectively. The Fed is likely to raise the rate by 75 bp and ECB, perhaps, by 50 bp. But more important than the rate hikes, their commentary on the trajectory of inflation and economic growth would be closely watched. If there are indications that inflation has peaked and is likely to trend down, markets would respond positively. If not, the market response would be negative.
In the domestic market, the biggest positive is FIIs turning buyers. Even if they turn sellers at higher levels, the intensity of selling will be much lower than in the last several months. IT and financials which bore the brunt of FII selling are the likely beneficiaries of the change in strategy of FIIs."
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