Corporate Results of ICICI Bank, ITC, IndusInd Bank, Axis Bank, L&T, Tata Motors, Kotak Bank, Dr Reddy’s, Maruti Suzuki are clear
Mumbai, July 24 (IANS)| India’s major equity indices are expected to be cautious in the coming week in view of rising global COVID cases and rate decisions by the US Fed. However, investor interest in the market will remain high on expectations of a quick economic recovery coupled with strong quarterly results.
Deepak Jasani, head of retail research at HDFC Securities, said the focus will be on the US Fed interest rate and progress in the spread of coronavirus and its variants. Nifty has made lower upper lower bottom on weekly chart than last week. Therefore 15,962 resistance becomes an important determinant of future direction. Furthermore, Jasani cited that as long as this level (15,962) is not breached, the market, sector and stock can take rotational profits.
In addition, it may provide investors with some insight into the scale of the economic recovery through management comments. Last week, India’s equity indices ended with marginal losses following higher volatility as a rise in delta variant cases affected risk appetite globally. According to Joseph Thomas, Head of Research, Emkay Wealth Management, in the coming week, the focus will continue to be on corporate earnings, as market participants try to gauge the consistency of earnings upgrades seen over the past few quarters.
Another factor to watch is the increase in cases of the delta variant in the US and also in parts of Europe. Further, Vinod Nair, Head of Research, Geojit Financial Services said that the coming week will be driven by global sentiments. According to reports, the Fed is set to deliberate on its easy-money policy and will begin rolling back asset purchases with an emphasis on mortgage-backed securities next year.
(Disclaimer: This news has been published directly from news agency’s Syndicate feed. It has not been edited by AnyTV News team.)