InvestorQ : What do you see in trade on 28 July in the stock markets. Do you see Nifty break below 15,700 on Wednesday?
Debbie Mascarenhas made post

What do you see in trade on 28 July in the stock markets. Do you see Nifty break below 15,700 on Wednesday?

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diksha shah answered.
5 months ago
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It was a disappointing close on Tuesday as global concerns weighted on the markets. The Nifty gave up most of its gains and moved into negative territory in the second half and at one point the Nifty was more than 100 points down. However, Nifty closed just below the 15,750 mark and for today it has protected the 15,700 levels on Nifty.

The pressure came from big boy Reliance Industries which continued to be tepid on Tuesday. However, the big result impact was seen in the case of Reddy Laboratories where the profits ended up lower by 36% due to impairment. The stock fell 10%. The breadth of markets became unfavourable at 17:33 and that is a concern.

FPIs were net sellers to the tune of Rs.1,459 crore while the DFIs bought Rs.730 crore in the equities market. The FOMC uncertainty is playing on the minds of FPIs as is strong dollar. Meanwhile, the global markets led by the Dow and the NASDAQ ended lower while European markets also closed in the red. SGX Nifty is lower by about 15-20 bps.

The key question that you have raised is important because 15,700 was defined as the range and any breach below that could take the Nifty lower by another 200-250 points. For now, that does not look like a real possibility but the only worry is if the VIX spikes in the next 2 days due to the F&O expiry on 29 July.

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