InvestorQ : What is your market view for 12 July, Monday?
ishika Banerjee made post

What is your market view for 12 July, Monday?

diksha shah answered.
1 year ago

During the previous week, the Nifty tried hard to break out of the 16,000 resistance but to little avail. Since getting close to the 16,000 mark, the Nifty has corrected sharply by nearly 300 points with RIL and TCS coming under pressure. However, the positive cues have come from some of the private banks as well as metals stocks. Mid-caps have outperformed.

The coming week will be very heavy on data flows with major data announcements including IIP growth for May-21, CPI inflation and WPI inflation for Jun-21 and Trade data for Jun-21. In addition, the results of Infosys and Wipro will set the trend for the IT sector and the market as a whole. Of course, not to forget the $1.3 billion IPO of Zomato.

Foreign Portfolio investors or FPIs were net sellers to the tune of Rs.1,125 crore on Friday 09 Jul. Markets have seen FPI outflows of Rs.2,600 crore in July first 7 days of trading, which his quite disappointing considering that the market saw net inflows of $2.35 billion in the month of June overall. However, the IPO of Zomato could provide relief to FPI flows.

Friday was a buoyant day for global markets. While the Dow gained 1.6% and the NASDAQ gaining 1%, other European indices like the FTSE, CAC and the DAX also gained between 1.5% and 2% on Friday. The SGX Nifty is up nearly 44 bps in early trades, but the trend in the coming week is likely to be largely data driven.