Market View: 16-20 JUL 2018

Filed in Market Update by on July 16, 2018

 

Week Market View: 16-20 JUL 2018
View Last week the NIFTY closed at 11018.90 registering a gain of 2.29% over previous week. It gave a breakout above the channel of 10500-10900. Primary reasons of the rally were due to the movement shown by large cap stocks like RIL, TCS etc, improved investor sentiments on the hopes of a good earnings season, good monsoon, stability in the rupee and good global cues. This week will be full of action as around 100 big companies like HDFC Bank, Wipro, HUL, Bajaj Auto etc would be announcing their results. This could also lead to profit booking and reshuffle of portfolios by fund managers and hence dont be surprised if a few stocks take a beating. That would mean that the NIFTY could consolidate a bit this week before it breaks above its record high of 11171. We are bullish on the markets from here on. 10900 will act as a good support for NIFTY in the coming week. All the best!

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