29th July' 2022 (Evening) -- Market Analysis
29th July' 2022 (Evening) -- | Written on 31st July' 2022 at 9.00 PM |
Markets closed the July series on strong note. #Nifty made a rise from 15758 to 16929 and #BankNifty made a rise from 33642 to 37378. Most of these gains were made in the second half of July.
The first trading of the current series saw further build up of positions on the long side. With #Nifty making a gain of 228 points and #BankNifty made a gain of 113 points on the first day of Aug series.
So before we discuss on where do we see the markets going from here, let us look at the levels first...
So the way I see it, Nifty has a runway for a good move, This could be supported by #HDFCBank and #Reliance. The IT stocks are very close to their resistance now, if these are taken down, the #NiftyIT may also support #Nifty. I believe the IT stocks like #TCS and #Infy have multiple resistance levels from here and they would have to take hem all down to move up.
#FII bought in cash on Friday and have heavily cut down their shorts on #IndexFutures and have also created longs. They entered the #Aug series with long ratio of 57% and created longs on the first day and now stand at 61% longs.
With talks that the #FED may not be so aggressive in further rate hikes and talks that with US entering a technical correction, the markets feel that #FED will be easy on rates. Now this does not mean the rates start coming down.
So while, continuity of this pull back has to be watched further, a near term bottom was probably made in July. This could be 15150 for us on #Nifty in India. As of now there are some serious gaps on #NIfty and these need to be filled. So this gives me a feeling that we may retest 16500 at some point. In extreme short term though 17050 will be the support to watch.
The options OI indicate a wide trading range and support at 17000 and #Nifty and 37500 for #BankNifty.
#DollarIndex has eased quite a bit, however as mentioned earlier in one of my tweets, i would not consider it bearish till it goes below 103.42. So keep watching...
Global events this week :
Sun - Chinese PMI 49 was lower than expectations
Mon - Chinese, British, German and US Mfg PMI
Tue - US job openings
Wed - British and US composite PMI
Thu - RBI and British interest rate decision,
Fri - US non farm payrolls and jobs data.
So wish you happy trading week ahead.....
Markets closed the July series on strong note. #Nifty made a rise from 15758 to 16929 and #BankNifty made a rise from 33642 to 37378. Most of these gains were made in the second half of July.
The first trading of the current series saw further build up of positions on the long side. With #Nifty making a gain of 228 points and #BankNifty made a gain of 113 points on the first day of Aug series.
So before we discuss on where do we see the markets going from here, let us look at the levels first...
So the way I see it, Nifty has a runway for a good move, This could be supported by #HDFCBank and #Reliance. The IT stocks are very close to their resistance now, if these are taken down, the #NiftyIT may also support #Nifty. I believe the IT stocks like #TCS and #Infy have multiple resistance levels from here and they would have to take hem all down to move up.
#FII bought in cash on Friday and have heavily cut down their shorts on #IndexFutures and have also created longs. They entered the #Aug series with long ratio of 57% and created longs on the first day and now stand at 61% longs.
With talks that the #FED may not be so aggressive in further rate hikes and talks that with US entering a technical correction, the markets feel that #FED will be easy on rates. Now this does not mean the rates start coming down.
So while, continuity of this pull back has to be watched further, a near term bottom was probably made in July. This could be 15150 for us on #Nifty in India. As of now there are some serious gaps on #NIfty and these need to be filled. So this gives me a feeling that we may retest 16500 at some point. In extreme short term though 17050 will be the support to watch.
The options OI indicate a wide trading range and support at 17000 and #Nifty and 37500 for #BankNifty.
#DollarIndex has eased quite a bit, however as mentioned earlier in one of my tweets, i would not consider it bearish till it goes below 103.42. So keep watching...
Global events this week :
Sun - Chinese PMI 49 was lower than expectations
Mon - Chinese, British, German and US Mfg PMI
Tue - US job openings
Wed - British and US composite PMI
Thu - RBI and British interest rate decision,
Fri - US non farm payrolls and jobs data.
So wish you happy trading week ahead.....
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