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Nifty above 16900, Earning season to trigger mixed sectoral trend

Snapping multi?month downtrend, US key equity indices rebounded in July. Dollar index recoiled after multi?year high above 109. Brent crude oil prices stayed lower for the consecutive month. Following a multi?week downtrend, Gold and Silver staged a minor recovery.  

July series Highlights a) Nifty rallied for consecutive series, and retraced 50% of its entire downtrend, which occurred off record high. b) All sectoral indices ended in green. C) Metal and Realty sectors were the among top movers with both indices rallying over 7% eoe d) After losing 34% off record high, IT index jumped up 4.7%. e) Auto and FMCG index continued their northbound journey in uncharted territory; however, they underperformed the benchmark index in July series.  

Rollovers for Nifty/Bank?Nifty stood at 76% (~1cr shrs)/82% (~20lakh shrs) vs 75% (~1.28cr shrs)/87% (~28lakh shrs) of the prior month. Market wide rolls were 92% vs 92% for the prior month.  

FIIs’ index future long/short ratio moved up to 1.35 vs 0.16 (previous expiry), FIIs largely covered their short positions and added longs.     

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