After three days of continuous decline, the sharp change in the market took the Nifty once again beyond 15800 on July 22. Today, the important index karab has managed to close with a gain of 1 percent. In today’s trade, the Sensex closed at 52,837 with a gain of 639 points. At the same time, Nifty closed at 15,824 with a gain of 191 points.
Small-medium stocks have outperformed the giants today. BSE midcap and smallcap indices have risen up to 1.5 per cent today.
Milind Muchhala of Julius Baer Says that with good global cues and a good start to the Q1FY22 earnings session, the Indian markets showed good momentum returning. The market is clearly focusing on such stocks and sectors which are showing strength and where there is potential for growth. This is the reason behind the boom in IT, cement, metal and chemical healthcare.
He further said that along with the giants, there is enthusiasm in small-medium stocks as well. However, it has become very difficult to track valuations now as some stocks have seen huge re-ratings.
Looking at different sectors, today’s business saw buying in metals, telecom, capital goods and power. They saw a rise of more than 2 percent today. However, some profit recovery was seen in the FMCG index.
India VIX has fallen 9.96 percent from 13.20 to 11.88 level. The fall in the volatility index is a sign that the market is once again in the hands of the bulls and every fall seems to be buying.
On the options front, the maximum put open interest is seen at 15,000 and 15,500 strikes. At the same time, maximum call open interest is at 16,000 and 15,800 strike. Call writing has been seen at 16,000 and then 16,100 strike. Option data suggests that Nifty may trade in the range of 15,600-16,000.
What is the strategy in the market on Friday
Chandan Tapadia of Motilal Oswal says that Nifty formed a Bullish candle on Daily Scale today and rejected the Lower High-Lower Low formation of two trading days. Nifty has to stay above 15,800 to know towards 15,962 and 16,000. On the downside for Nifty, support is seen at 15,700 and 15,600.
Vinod Nair of Geojit Financial Says that on the basis of strong global cues, the Indian markets also saw a rise today. The market today seemed to ignore the concerns of rising cases of Corona and selling of FIIs. Due to the good results of the companies, the growth in the global markets continues. The eyes of the markets are now on the policy announcement of the European Central Bank. If the Fed gives a signal to continue with the supportive policy at its next meet, the rally will go ahead.
S Ranganathan of LKP Securities Says that the bulls have made a strong comeback in the market. ICICI Group shares also showed a rise today. The QSR segment also saw an uptick in the leadership of Jubilant Foods.
Ashish Biswas of CapitalVia Global Research Says that some positive movement was seen in the market today. It tried to hold support around the 15,800 level of Nifchi and it was successful. He further said that it will be very important for the Nifty to stay above 15800 for the short-term market trend. If Nifty manages to stay above this level, then we can also see the level of 15,900-15,950 in this.
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