Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 may open higher on Friday, as suggested by trends SGX Nifty. SGX Nifty 50 Index Futures for August were trading 200 points or 1.20 per cent up at 17,150 on Singaporean Exchange. In the previous session, S&P BSE Sensex rallied 1,041 points or 1.87% to settle at 56,857 while the NSE Nifty 50 zoomed 287 points or 1.73% to end at 16,929. Analysts say positive cues from global markets following the Fed policy outcome, as well as domestic large caps’ upbeat earnings, drove the market rally. “The Fed’s decision was as expected, while their positive comment dismissing the possibility of a recession and hinting at a slower pace of rate hikes in the coming months boosted global sentiments,” Vinod Nair, Head of Research at Geojit Financial Services, said.
Key things to watch out for on 29 July 2022
Global markets: Asian markets were trading mixed in early trade on Friday, despite a rally on Wall Street. In Japan, the Nikkei 225 gained 0.32% while the Topix index was about flat. South Korea’s Kospi rose Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 may trade tepid on Friday, as suggested by trends SGX Nifty. 0.85% and the Kosdaq advanced 0.9%. In overnight trade on Wall Street, the Dow Jones Industrial Average jumped 332.04 points, or 1%, the S&P 500 rose 1.2%, and the Nasdaq Composite added nearly 1.1%.
Q1 results: BSE-listed companies such as HDFC, NTPC, Sun Pharma, Cipla, Indian Oil Corporation, Ashok Leyland, DLF, Emami, Exide Industries, Nazara Technologies, Piramal Enterprises, CARE Ratings, CarTrade Tech, Cholamandalam Investment, CreditAccess Grameen, Deepak Fertilisers, Easy Trip Planners, 3i Infotech, Great Eastern Shipping, GMR Infrastructure, Godrej Agrovet, Heritage Foods, JK Paper, Mahindra Logistics, Metro Brands, Rain Industries, Route Mobile, Strides Pharma Science, Star Health and Allied Insurance Company, Torrent Pharmaceuticals, VST Industries, and Zydus Wellness will be in focus ahead of June quarter earnings on 29 July 2022.
FII and DII data: On Thursday, foreign institutional investors (FIIs) bought shares worth Rs 1,637.69 crore, while domestic institutional investors (DIIs) lapped up shares worth Rs 600.29 crore on a net basis in Indian equity market.
Stocks under F&O ban on NSE: Two stocks – Delta Corp, and Indiabulls Housing Finance – are under the NSE F&O ban list for July 28. If the open interest of any stock crosses 95% of the MWPL (market-wide positions limits), all F&O contracts of that stock enter a ban period.
Nifty outlook: The short term trend of Nifty has turned sharply on the upside. As per the theories of upside breakout of crucial resistance, unfilled opening gaps and the positive chart pattern like higher tops and bottoms are all indicating more upside ahead for the market, said an analyst. “Next upside target to be watched around 17500 levels. Immediate support is placed at 16800-16750 levels,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said.
