In the coming week, Nifty index could witness range trading activity. Nifty index could trade in range of 7650 and 7900 levels. Momentum indicators are showing flat trend on daily chart, which suggest lack of strength in underling trend. Stock specific activity could witness considering July F&O series expiry next week.
Near term resistance for Nifty index are at 7850 and 7900 levels. Cross over above 7900 level could lift Nifty index to 7965 level. Support levels for Nifty index are 7745 and 7700. Fall below 7700 level, Nifty index could drag up to 7650 level.
Week so far:- Indian bourses started the week on gap up note. Indices rallied throughout the week led by IT and Banking stocks. Indices hits record level supported buy strong Asian cues backed by Chinese manufacturing activity which expanded at its fastest in 18 months. However, indices witnessed profit booking on Friday after rallying consecutive for eight sessions.
On global front, Dow remain stable and S&P closing at record on upbeat U.S. Employment data underpinned sentiment. Asian stocks hits three year high as U.S. tech earnings impressed and a surprisingly strong reading on Chinese manufacturing bolstered hopes for recovery in the world’s second-biggest economy.
At the closing of the week BSE Sensex was up by 1.89% at 26126.75 and NSE Nifty up by 1.65% at 7790.45.
Key events next week:- IIP core for month of Jun on 28 July. HSBC Manufacturing PMI for month of July on 1 Aug. Quarterly results of Hindustan Unilever, L&T, Bharti Airtel, IDFC, Ranbaxy Lab, SSLT, Dr Reddys Lab, ICICI Bank, Maruti Suzuki, NTPC.