Weekly Nifty, Banknifty and Rupee Outlook : We are expecting buy on dips strategy Says Mr. Anuj Gupta, IIFL Securities
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Below is Weekly Nifty, Banknifty and Rupee Update By Mr. Anuj Gupta, Vice President, IIFL Securities
Last week we have seen nifty increased by 2.62% and closed at 17158 levels. In July month nifty increased by 4.64%.
In july Sensex increased by 7.24% and in last week it increased by 2.67% and closed at 57570 levels.
Bank nifty increased by 2.05% in a last week and 12.17% in july 2022. It closed at 37491 levels.
Rebound in global equity market and optimism coming from global economy supports the domestic equity market. DII,s investments are supportive for the market.
Share market rallied on investor antixipation that the Federal Reserve may not need to be as aggressive with interest rate hikes as some had feared and rter estimates. In U.S. corporate results have mostly been stronger than expected.
For the next week we are expecting that nifty and banknifty may trade higher. Nifty support at 16600 and 16200 levels. Resistance at 17500 and 17850 levels.
Bank nifty support at 36600 and 35700 levels. Resistance seen at 38200 abd 39000 levels.
We are expecting buy on dips strategy may be in the market and nifty may test 37500 to 37700 levels and bank nifty may test 38200 to 39000 levels very soon.
On another side we have seen that due to higher equity market ruppee has appreciated by 0.78% and closed at 79.26 in the spot. Weakness in dollar was supportive for the indian rupee.
India current account deficit decreased to US$ 13.4 billion in Q4 2021-22 From US$ 22.2 Billion in Q3 2021-2022.
In a short term ruppee may further appreciate and may test $78.70 levels.
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