InvestorQ : Now that F&O expiry is over, what is your trading view in the market for 30 July?
Arusha Ray made post

Now that F&O expiry is over, what is your trading view in the market for 30 July?

diksha shah answered.
5 months ago

There were concerns on Thursday that the F&O expiry would spike volatility and push the markets lower. However, despite the volatility of the F&O expiry, Nifty bounced sharply to 15,770 levels with the metals index rallying nearly 5%. However, the breadth of the markets was negative at 23:27 as autos and FMCG stocks came under stress.

On Thursday, most of the top gainers on the NSE were metal stocks and included big names like Nalco, Hindalco, Tata Steel, JSW Steel and SAIL. This was after a Bloomberg report projected strong growth in steel demand in India in FY22. The rally was driven by hopes of record demand for metals as the post pandemic recovery is not expected to pick up fast.

Foreign investors were net sellers of Rs.866 crore while the DFIs infused Rs2,047 core on Thursday. FPIs have sold as much as they bought in June, offsetting any positive hints. Meanwhile, the NASDAQ was marginally up on Thursday while Dow was 185 points higher. European markets were robust and SGX Nifty was trading 20 bps higher in early trades.

The big question for the next expiry is which side the Nifty breaks. On Wednesday, the Nifty did get close to 15,500 but bounced back to close above 15,700 respecting the range. On the upper side, 16,000 remains the resistance. For now it looks quite likely that the Nifty could end up above the 16,000 mark decisively in the month of August.