The correction continues for the second consecutive day in the market. The Nifty slipped below 19,450 and the Sensex too declined 286 points. The broader market was down more than 1%. Selling was seen across the sector, except for FMCG & IT. Most market observers believe that the withdrawal of funds as a result of the dollar rally is a primary trigger for this selloff. India’s vulnerability to global concerns is a primary worry.
Shrikant Chouhan, Head of Research (Retail), Kotak Securities, “Despite our strong macroeconomic growth performance, India is not insulated from global problems, and hence any correction in global markets due to worries over further rate hikes would have a rub-off effect here. However, the Nifty has formed a Dragonfly Doji candlestick formation which is indicating a strong possibility of a relief rally from the current levels. For day traders, 19380 would be the key support level to watch out, above which the index could see the pullback rally till 19500-19550. On the flip side, below 19380 the selling pressure is likely to accelerate and could slip till 19330-19300.”
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Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services added that “The recent spike in U.S. Treasury yields has been taking a toll on equity markets globally, turning investors cautious in the near term. This along with persistent FIIs selling has pulled the Nifty down by 4% from a recent high of 20222 levels. We expect weakness to persist in the market in the coming weeks till the headwinds recede. The Q2 earnings season will start next week and is expected to maintain the growth momentum of previous quarters. Even the pre-quarterly updates released so far indicate healthy traction. Market direction going ahead will depend upon the combination of global/local macros and earnings delivery along with management outlook.”
73% of Indian brands developing AI guidelines, with 82% seeing clear benefits in AI-driven content creation, reveals Adobe study Bank Nifty along with IT, FMCG, and Pharma among top picks says Religare Broking Earth Overshoot Day: The role of marketing in driving a mindset change towards a more sustainable future Religare bullish on Nifty in August, top bets include banking, metals and chemicals
Prashanth Tapse, Senior VP (Research), Mehta Equities believes that the downward trajectory remained uninterrupted as the markets plunged amid weak global cues and surging US 10-Year bond yield due to Fed’s higher-for-longer rate view, “Bond yields across Europe, Japan and Australia also jumped significantly higher, which prompted investors to exit equity assets. Technically, Nifty’s biggest hurdles for Thursday’s trading session is seen at the 19666 mark, while confirmation of strength only above the 19900 mark.”
Vinod Nair, Head of Research at Geojit Financial Services too reiterated that the strong US job data is reinforcing Fed’s hawkish stance and multi-year high US bond yields is signalling an impending interest rate hike. Globally, investors are adopting risk-averse strategies due to inflation concerns and the strengthening US dollar, “And in India, despite a robust economy, premium valuations of midcaps and recent rally is augmenting consolidation. Interest-rate-sensitive sectors like real estate, banking, and metals are the most impacted category, while the FMCG sector is more optimistic in expectation of near-normal monsoon & festival demand. Auto is consolidating amid mixed growth numbers and in this weak period, large-cap are a trading safe to hold on,” he added.
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Ajit Mishra, SVP – Technical Research, Religare Broking however expects some respite, “We may see some respite in the index after the recent slide but the upside seems capped citing feeble global cues. On the other hand, the broader indices are now showing early signs of exhaustion, which may prompt fresh fall in the midcap and smallcap space. We thus recommend focusing more on trade management and maintaining positions on both sides.
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