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NIFTY WRAP UP & FORECASTING

July 30, 2021

The Sensex ended 66 points, or 0.13 per cent, lower at 52,587,Nifty50 closed the week at 15,763.05, down by 0.59%.

On the UP side: Sun Pharma 10% , Tech Mahindra 6.95%, Hindalco 2.9%,Bajaj Finserv 2.6%, Tata Steel 1.7%

On the downside, Asian Paints 4.33% , Axis Bank6.16% , Maruti Suzuki 4.33%, Dr reddy 13.11%

Tech View:- Index has maintained important level 15700 & above & formed Doji sort of candle pattern on daily chart The index has formed a good base near 15,750-15,650 zone; Holding above these levels will help to sustain the bullish momentum. We may head towards upper band of the range which is 15,950-16,000 mark. Immediate resistance is near 15,800-15,875 zone.

European & USA markets:
@ IST 4.30 European markets were trading with a Negative note. Germany’s DAX 0.82 %, France’s CAC40 index 0.15 % and England’s FTSE100 index Down by 0.86 %.
Where; wall street @ IST 4.30, The DOW future contract trading in RED 71 points, or 0.20%, S&P 500 Future traded [email protected] 23.25 points, or 0.53%, and where Nasdaq100 future trading Negative 143.50.points, or 0.97%.

Global News Analysis:

Japan- will act “without hesitation” to cushion the economic blow from the COVID-19 pandemic, economy minister Yasutoshi Nishimura said on Friday, signalling the government’s readiness to compile another spending package as the crisis weighs on growth.
China- will maintain the stability, continuity and sustainability of its macro policies in the second half and ensure economic growth stays within a reasonable range, a top decision-making body.
Europe -The euro zone economy grew faster than expected in the second quarter, pulling out of a recession caused by the COVID-19 pandemic as curbs to stop the virus were eased, while inflation shot past the European Central Bank’s 2% target in July.