: Share Market Weekly Fundamental Outlook #IndiaNEWS #Business Dalal Street witnessed July as the best month for bulls in the last four months. The bulls have been on a rampage especially in the last

Share Market Weekly Fundamental Outlook #IndiaNEWS #Business
Dalal Street witnessed July as the best month for bulls in the last four months. The bulls have been on a rampage especially in the last week. The US Fed hiked the policy rates by 75 bps which was on expected lines and largely factored in by the market.

However, according to reports, the RBI will go for a 35 basis points hike in rates at next weeks monetary policy meeting. Sensex advanced 1510.65 points or 2.69 percent while Nifty gained 438 points or 2.62 percent in a week. Simultaneously, Bank nifty ended the session at 37491.40 with 2.05 percent gain. Sectorally Nifty Metal inched by 7.69 percent while Media and Nifty Services witnessed gains of 3 to 5 percent each.
Overall all sectors capitalize their gaining streaks. Nifty Small cap and Mid Cap rose nearly 0.47 and 2.02 percent respectively. In Nifty stock, BAJAJFINSRV remained top performer, gaining 17.98 percent while DRREDDY lost 6.47 percent on a weekly basis. On the technical front, Nifty has formed a Bullish candle on a weekly chart which suggests an upside rally for an upcoming session.
Nifty has finally given closing above 200-DMA i.e 17025 levels which suggest a northward journey in the counter. From the Nifty OI Data, on the call side the highest witnessed at 17500 level while on the put side was at 16900 level & followed by 16800. The momentum indicators MACD & Stochastic were trading with a positive crossover on a daily time frame which suggests strength in the Nifty.
The short term support for Nifty has shifted around 17000 levels while on the upside 17450-17500 may act as an immediate hurdle. On the other hand, Bank nifty has support at 36000 while resistance at 38500 levels on a weekly basis. Investors should accumulate quality stocks with a view of 12 to18 months for decent returns.
Mid n small cap stocks again can be fancy as Investors confidence is likely to be returned.
Om Mehra
Technical Associate
Choice Broking
Souce: Choice India

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