The Indian stock market closed at a four-month high today with the strength of banking stocks and Reliance Industries. Softening crude oil prices and strong buying by overseas investors strengthened sentiments. The NSE Nifty 50 index rose 0.73% to 17,525 while the BSE Sensex climbed 400 points to 58,853. Mahindra & Mahindra was the biggest gainer from the Sensex pack, rising 3%, followed by Bajaj Finserv, NTPC, Axis Bank, HDFC Bank, Larsen & Toubro, HDFC, Dr Reddy’s, IndusInd Bank and Reliance Industries. among the losers, State Bank Of India fell 2% after earning less than expected.
“FIIs, which were missing from action over the past few months, have once again started investing in local equities, thus providing a major impetus to the markets. Technically, after a muted opening, the market has The short-term resistance has been successfully cleared.17500 which is largely positive,” said Shrikant Chauhan, Head of Retail Equity Research, Kotak Securities.
Oil prices today edged closer to a several-month low, pointing to a slow recovery in Chinese crude imports in July. Crude has had a roller-coaster ride in 2022, rising in the early months of the year following Russia’s invasion of Ukraine, then sinking since June as concerns of a global recession pick up pace.
“Continuous FII buying and falling oil prices are the key drivers for the market rally. Heavyweights played a key role in today’s growth, while PSU banks remained under pressure following weak results from SBI. Strong US job numbers followed in western markets. Profits continued. Slowdown concerns allayed. The coming week is busy in terms of economic data as domestic investors prepare to release inflation numbers along with manufacturing output data to gauge the strength of the economy,” Vinod Nair, Said Head of Research at Geojit Financial Services.
However, data released today shows that inflows into equity mutual funds fell for the second consecutive month as volatility in global crude oil prices, continuing geopolitical issues, rising inflation and overseas sell-offs weighed on investor sentiment. continued to impress. Net investment in equity and equity-linked schemes declined 42.5% over the previous month 8,898.2 crore in July, according to data released by Association of Mutual Funds in India.
nifty technical outlook
,nifty The upside was broken after closing sideways for three sessions. Nifty may now face resistance in the bands 17595-17651 while 17408 may offer support.”
Indian markets will remain closed on Tuesday as a holiday.
Shrikant Chauhan, Head of Equity Research (Retail), Kotak Securities Limited said, “For benchmark Nifty, the key support level is 17400 and above that, breakout formation is likely to continue till 17650-17700. On the other hand, below 17400, The index may slip to 17325-17300.”
According to Nagraj Shetty, Technical Research Analyst, HDFC Securities, “A long bull candle was formed on the daily chart and is placed at the upper end of the short term high low range of 17200-17500 of the last 4 sessions. Technically, it is The pattern suggests a decisive upside breakout of the range at 17500-17550 levels. This is a positive sign and more bullish for the short term. Nifty short term trend remains positive with range bound action. From 17550 levels A permanent move above can be considered as an upside breakout of the range and it may pull Nifty towards the next important resistance level of 17800-17900 in the near term. Immediate support is placed at the level of 17430.
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