InvestorQ : What is your view on the stock market movement for Friday 29th July 2022? Will the rally of Thursday continue?
Moii Chavate made post

What is your view on the stock market movement for Friday 29th July 2022? Will the rally of Thursday continue?

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diksha shah answered.
3 weeks ago
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On Thursday, the Nifty reacted positively to the subdued tone of the Federal Reserve chairperson, Jerome Power. This resulted in the Nifty closing at 16,930 levels with gains of over 287 points. Sensex gained more than 1,000 points on Thursday as most of the heavyweight sectors like IT, banking and metals gained sharply on Thursday.

The breadth of market as indicated by the advance / decline ratio was favourable at 40:10 with the two top gainers in the market being Bajaj Finance and Bajaj Finserv. IN fact, Bajaj Finserv attracted a log of buying interest on the back of its corporate action announcement as it announced a 1:1 bonus and a 1 for 5 stock split, diluting equity by 10 times.

Foreign investors net bought Rs.1,638 crore of equities as domestic funds bought stocks worth Rs.600 crore on Thursday. It was largely a reaction to a toned down FOMC. On Thursday, Dow was up 333 points while NASDAQ was up 131 points. SGX Nifty is trading 102 bps higher in early trades although Friday could see a lot of short covering.

For Friday, the sentiments are positive to begin with and the short covering should help the markets close in the green. Weekend pressure is unlikely. However, the real pressure would be visible in the coming week as India gets into RBI policy mode and it remains to be seen how RBI reacts to the Fed. Markets could face some pressure in the coming week.

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