The market ended lower for the week amidst turmoil in global equity markets as central banks resorted to liquidity tightening amidst sky-rocketing inflation and higher commodity prices.
Nifty declined by 2.5% while broader markets outperformed as weekly closing in Nifty was well above crucial support of 16123.
The current week would also be challenging for Nifty as a larger setup appears to evolve into a weekly triangle with a support zone seen in a range of 15700-15800, with bias remaining positive as long Nifty holds weekly closing above 16123.
The activation of the Nifty50 –Nifty 500 spread breakout also indicates that any decline in Nifty 50 would be short-lived and the market is likely to see a quick recovery even in case there is a sharp drop of 1-2%. Thus, one can re-enter long positions after Nifty closes above 16123 on daily closing.
Wall Street tumbles on stagflation fear after the U.S inflation shock.
Nifty 50 Weekly Index
Stocks to watch
Positive Read Through
- Bajaj Auto Rolls Out First Electric Scooter From Plant in Pune; Chetak Tech, Vendor Partners to Invest Rs 7.5B in EV Plant
- Aban Offshore To sell rig driller to ADNOC Drilling Co. for Rs 2.18b
- HFCL receives orders worth Rs 73.4 crore to supply unlicensed band radio (UBRs) and optical fiber cables
- Coal India Floats Two E-Tenders of 3 Million Tons Each to Import Coal From Abroad; M/T Tenders Have the Option to Raise Bid Qty by 100%
- GlaxoSmithKline Pharma Board recommends a dividend of Rs 90/share.
- Hindustan Zinc DIPAM Secy says to sell residual stake in HZ in tranche
- IDBI Bank Expression of Int for IDBI sale may come by July
- Alembic Pharmaceuticals received approval from USFDA to market Dasatinib tablets, used to treat certain types of cancers
- Strides Pharma Science’s Singapore arm receives approval from the US FDA for Ibuprofin oral suspension drug
Negative Read Through
- Paint cos- crude around USD 120 a bbl, rupee at record low vs dollar, Asian Paints hikes prices.
- LIC- Anchor lock-in period ends, had raised Rs 5,627 cr from anchor investors.
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