Markets rally last week turned splendid with Nifty gaining more than 4% while Bank Nifty ended with gains of more than 7% with the formation of ‘Bullish Belt-hold line’ pattern on a weekly candlestick chart. In fact, on a weekly closing basis, Bank Nifty has confirmed a ‘flag’ breakout with an immediate target of 43,300 which may trigger bullishness in days to come.
The BSE Bankex in Euro terms has also seen a similar breakout which indicates that in process of QE, the ECB has accumulated Indian banking stocks. Hence, we expect Bank Nifty to be a key contributor to gains in Nifty 50 in the coming week.
For the coming week, markets are expected to take cues from global markets and the ongoing earnings season. Volatility is expected to remain high ahead of the derivative contract expiry on Thursday. FII activity will also be watched as hopes that the recent sharp selling could have peaked and buying activity could resume.
Bank Nifty weekly closing & BSE Bankex in Euro
Stocks to watch
Positive Read Through
- GAIL To consider issuance of bonus shares on July 27.
- Tata Motors got an order to supply 1,500 electric buses to Delhi Transport Corp. through a larger tender by Convergence Energy Services.
- BEL signs Rs. 250 Cr contract with MoD, GoI, for the supply of Integrated Anti-Submarine Warfare systems.
- SRF Ltd approves expansion project of Rs. 162 crores.
- Greenpanel Industries Ltd to expand MDF plant capacity at Chittoor.
- Karur Vysya Bank Ltd to open new branch at Veerapandi Pirivu, Tirupur.
- RIL Revenue up 5.7%, EBITDA up 21%, Jio revenue growth 21.6% YoY.
- Infosys Topline beat and unexpected guidance increase. USD CC rev of USD 4.44bn, +5.5% QoQ in CC, Reported USD growth was +3.8% QoQ
- Zydus Lifesciences Comharsa Life Sciences’ Nulibry Gets Positive EU Recommendation
- Tata Steel Says Port Talbot May Close Without £1.5 Billion From UK
- Hindustan Unilever Hindustan Unilever Plans Inr7b Investment at Sumerpur Factory
Negative Read through
- Granules- US FDA issues observations to Chantelli, Virginia plant
- Yes Bank- Slippages rise, ear Inga below estimate, NIM’s decline to 2.4%
- PB Fintech- IT systems were subject to illegal and unauthorized access on July 19
- Kotak Bank- NIM’s at 32 qrt high, profit below estimate.
A financial planning platform where you can plan all your goals, cash flows, expenses management, etc., which provides you advisory on the go. Unbiased and with uttermost data security, create your Financial Planning at Rs. 1499/-
Disclaimer: The views shared in blogs are based on personal opinions and do not endorse the company’s views. Investment is a subject matter of solicitation and one should consult a Financial Adviser before making any investment using the app. Making an investment using the app is the sole decision of the investor and the company or any of its communication cannot be held responsible for it.