InvestorQ : What is your view on the Nifty and Sensex for Friday 22nd of July? Would you expect some correction in the markets on Friday?
Crowny Pinto made post

What is your view on the Nifty and Sensex for Friday 22nd of July? Would you expect some correction in the markets on Friday?

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diksha shah answered.
4 weeks ago
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Thursday was another robust day for the Nifty which closed at 16,605 mark, a rise of 84.40 points. The advance decline ratio or the A/D ratio was robust at 42:8. During the day, the rupee breached beyond the 80/$ mark to touch 80.06/$. Howver, towards the end, it closed strong at 79.80/$ amidst FPI inflows and RBI support to the rupee.

The buying in the markets on Thursday was predominantly stock-specific with IndusInd Bank being the top gainer on the back of good quarterly numbers. The pressure wsa visible on the private insurance companies. However, the big uncertainty for the markets at the current juncture is the Fed meeting outcome on 27th July and later the RBI policy meet.

On Thursday, the Foreign investors were net buyers in equities to the tune of Rs.1,799 crore while the domestic funds and LIC sold stocks worth Rs.312 crore. The tide appears to have turned just that little bit in favour of the FPIs in the last one week. The FPIs have been net buyers this week and it remains to be seen how FPI flows pan out for the rest of July 2022.

On Tuesday, Dow cracked by 72 points but NASDAQ was up 85 points on the back of the ongoing tech rally. Europe was mixed on Thursday with no clear trend but the SGX Nifty is trading flat to negative in early trades on Friday. Expect some caution as traders may eschew fresh positions and that could leave the markets under some degree of pressure.

It must be remembered that in the last few days, the market rally has been led by a combination of short covering and value buying. Markets are likely to be cautious on Friday ahead of the weekend and hence traders would prefer to stay light. The next week will see the Fed meet followed by the RBI meet. Markets are likely to remain jittery till that time.
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