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| Indian stock market trading view |
Indian stock market ended in green on last Friday, both Sensex and Nifty corrected 1.20% last week. Our last week’s trading view on Nifty and Bank Nifty future was correctly analyzed and achieved the weekly technical predictions.
In the July series, Nifty and Bank Nifty had corrected more than 5% and 7% respectively. The Indian stock market turned negative after the Union Budget on 5th July mainly for imposing the “super-rich tax” on FPIs.
How Indian stock market performed last week
On a weekly basis, the Nifty Midcap and Smallcap 100 index fell 1.61% and 3.30% respectively. On a sector-wise report, except IT, Consumer Non-durable and Food and beverages all other sectors ended in red last week.
Last week Yes Bank was the major gainer in the Nifty 50 stock, the stock gained more than 15% during the week. Other top gainers in the Nifty 50 stocks are Zee, Asian Paints, Sun Pharma, and Bharti Infra. UPL was the major loser last week in the Nifty 50 stocks followed by HDFC, Adani Port, Coal Inda, and Tata Motors.
Foreign Institutional Investors (FII’s) were the net seller sold around Rs12723 crore both in cash and F&O segment in the last week. Domestic Institutional Investors (DIIs) were the net buyer bought around Rs 8910 crore in the cash segment and Rs 1548 in F&O segment.
Last week Brent Crude oil future price has increased around $1 per barrel whereas Indian rupee against US dollar remained almost flat. The US and Europe markets closed in a positive note last Friday. Apart from the Indian stock market, all other Asian markets closed in red on the last day of the week.
Trading view on last week’s Q1 Results Company
On our Friday’s report, we have already analyzed the Q1 results of last week’s Nifty 50 companies except for ICICI Bank. On Saturday the second-largest Pvt Sector Bank ICICI has reported its Q1 result.
The Bank has reported a profit of Rs 1908 crore in June quarter. It was against a loss of Rs 119.55 crore in the same quarter a year ago. The ICIC Bank’s profit in the previous quarter was reported to Rs 969.06 crore.
The Bank has reported 27% grew in Net Interest Income (NII) YoY to Rs 7737.43 crore for the June quarter. Healthy growth in loan of about 15% YoY is seen in Q1 result. ICICI Bank has reported improved asset quality, gross NPA as a percentage of gross advance declined 232 bps to 6.49%, and the net NPA ratio stood at 1.77%, down 242 bps from the same period last year.
On Friday the share price of ICICI Bank was closed at Rs 415.75 almost 1.65% higher than the previous day. On Monday the Indian stock market will react to ICICI Bank and JSW Steel Q1 result. Our trading view on ICICI Bank is positive whereas JSW Steel is negative for the next week.
Next weeks event’s impact on the Indian stock market
Next week there are no big events in the Indian stock market. Release of a few economic data like Infracture output data, Foreign exchange data, loan growth data, deposit growths is scheduled.
On the global front, FED meeting is scheduled on 30th and 31st of this month. A rate cut which is expected can become a big positive for the Indian stock market too.
Next week Q1 result of Nifty 50 companies are Dr. Reddy, Tech Mahindra, Axis Bank Hero Motorcorp, Eicher Motor, IOC, UPL, Bharti Airtel, Power Grid, and SBI.
Nifty and Bank Nifty future trading view for next week
Primary Trend of Nifty Future: Volatile (Bias Sideways)
Range-Bound Trend: All up Moves Initiates Profit Booking (Sale) @ 11450 whereas All Down Moves Initiates Short Covering (Buy) @ 11220
If Nifty Future Moves Above 11345 then you should Buy with 1st Target of 11376 during the day or any point during the week by Trailing the Stop Loss from 11315- 11369- 11392- 11415 FOR the Target of 11376- 11405- 11450
If Nifty Future Moves Below 11315 then you should Sell with 1st Target of 11290 during the day or any point during the week by Trailing the Stop Loss from 11345- 11303- 11276 -11245 FOR the Target of 11290- 11266- 11220
Primary Trend of Bank Nifty Future: Volatile (Bias Sideways)
Range-Bound Trend: All up Moves Initiates Profit Booking (Sale) @ 29750, whereas All Down Moves Initiates Short Covering (Buy) @ 29250
If Bank Nifty Future Moves Above 29512 then you should Buy with 1st Target of 29620 during the day or any point during the week by Trailing the Stop Loss from 29390- 29550- 29640- 29705 FOR the Target of 29620- 29692- 29760
If Bank Nifty Future Moves Below 29390 then you should Sell with 1st Target of 29312 during the day or any point during the week by Trailing the Stop Loss from 29420- 29320- 29276 - 29180 FOR the Target of 29312- 29245- 29122
Conclusion:
We have analyzed the last week’s Indian stock market events and trading view on Nifty and Bank Nifty for next week. There are no major events scheduled for the domestic market next week. In the global front, FED meeting output can dominate the Indian stock market in the second half of the week.
Traders are advised to follow the global market and trade accordingly with strict stop loss. On Monday the Indian stock market will open as per global cues.
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Finogyan Team
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