Weekly Note on Market By Mr. Apurva Sheth, Samco Securities
Weekly Note on Market By Mr. Apurva Sheth, Head of Market Perspectives, Samco Securities.
Technical Outlook:
The bulls have made a strong comeback and finished the month of July on a very high note with gains of more than 8%. In the previous ten years, this close for July was the strongest. Seasonally July has been the second-best month for the markets. Such a closing won't disappoint the bulls in the least. You should remove some bets from the table now that we have gained good since momentum indicators on the hourly time frame are in an overbought condition. The short- to medium-term. The trend is still optimistic, and investors can seek entry points around 16,800 and 16,600 levels. Expectations of the week: The coming week is going to be interesting as several important events are scheduled to take place. The unemployment rate in the US, which as of the most recent statistics was stable at 3.6%, will have a significant impact on markets throughout the world. Depending on the unemployment rate, one may infer if the US economy is indeed experiencing a recession. The RBI interest rate decision will be the main news item at home. It will be closely watched to see if. The MPC takes a more aggressive stance like its western counterparts or walks on its own path. In June, India's trade deficit reached a record high of USD 25.6 billion. The markets would thus pay great attention to the balance of trade data points that are scheduled for release. These events together with the current earnings season, might cause some market volatility. Nifty 50 closed the week at 17,158.25, up by 2.6%.
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