Quote on Morning market 24 June 2022 By Dr. V K Vijayakumar, Geojit Financial
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Below is quote on Morning market 24 June 2022 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
"There are some clear economic and market trends. Leading indicators such as PMI and retail sales in Europe and US indicate economic slowdown. Most central banks of the world are hiking rates in this slowdown. Therefore, the slowdown will continue and may aggravate pushing the US economy into recession. Since the market knows this, equities are in oversold territory, triggering short-term upmoves. The whipsaw movement in Nifty yesterday reflects this uncertainty, confusion and lack of direction.
Accenture's results indicate continued robust demand for IT. Indian IT companies' Q1 results are likely to be very good, but the stock movements will be decided by their FY23 guidance.
A Crash in metal prices is a strong positive for autos."
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