Market View: Week Starting 30th JUL 2018

Filed in Market Update by on July 30, 2018

 

Week Market View: Week Starting 30th JUL 2018
View Last week the NIFTY closed at 11278.35 registering a gain of 2.44% over previous week. Heavy buying (especially from the FII’s worth 3K crores) and good corporate earning numbers led NIFTY to hit all time high levels. It was seen that BSE 500 companies’ earnings growth was around 22% so far. A significant decline in the crude prices and the government sailing comfortably over the no-confidence motion boosted overall sentiments. Technically the NIFTY has given a break out on both the daily and weekly charts which is a clear indication of a coming bullish trend. The coming week will be dominated by the earnings season where around 450 companies will be declaring their results including the likes of Tata Motors, ONGC, AXIS Bank etc. Another event to watch out for is the RBI policy meet scheduled this week. We expect the rates to remain unchanged but that is something we will have to wait and watch. Overall we are in a good shape and its a good time to be a part of the markets. The NIFTY will consolidate a bit from here on with 11000 coming as a good support. All the best!

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