Market is Glittering – all time highest closing at 16238 – closing above 16200, bulls range break out goal achieved – week to week basis up +475 points (3 % )– weekly basis formed a Bullish Engulfing Candle after long two-month consolidation phase Breakout. Though apparently the benchmark met the milestone but still some thing missing , general traders are unhappy as the trend was completely muted in the broader market. This rally was completely one sided and basically contributed by very few main weightage carrier & stimulated by main pillars of banking and financials.
If Nifty moves further then Investors should focus on index majors and other heavyweights then the broader market may underperformer, cautiously select the mid and small-cap items but if benchmarks take some pause & maintain consolidation for showing further strength which one is better for market after 4 days consecutive rise then traders may focus on broader market - stock specific movements.
For coming week Traders will focus on key factors - • Last week of earnings, more than 1900 companies will release their quarterly scorecard in the coming week. • The primary market will be in focus with 4 IPOs opening. • Listing - Rolex Rings. • Focus on Macro Economic Data – IIP, CPI on 12th & Foreign Exchange Reserves on 13th Aug. • Focus on FII’s Flow –those are turned net buyers after several weeks of selling. • Focus on day to day basis status of Covid-19 cases, news on vaccination drive & easing restrictions by states & • Obviously day to day basis Global cues.
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