Nifty predictions July 10: Index likely to find support at 19,300; Bank Nifty may test 44,500 level
equity market is expected to open on a cautious note amid mixed cues from global peers. The Asian markets traded mostly lower after the release of China’s Inflation data. Trends on GIFT Nifty indicate a positive start for the broader index.
The Gift Nifty was trading around 19,423 level, higher than Nifty’s Friday’s close of 19,332. On Friday, the Indian benchmark indices ended sharply lower weighed down by profit booking after hitting new highs. The broader markets also witnessed selling, with Nifty midcap 100 and smallcap 100 indices falling over half a percent each.
The Sensex closed with a loss of 505.19 points, or 0.77%, at 65,280.45 while the Nifty fell 165.5 points, or 0.85%, to close at 19,331.80. “Weak global cues and profit booking in domestic equities dragged key indices down On the domestic front, markets are witnessing profit booking at a higher level after seeing a run-up of more than 4% in the last eight trading sessions," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services. Going forward, markets will take cues from the corporate earnings for the June quarter and retail Inflation data to be released this week.
Also Read: Gift Nifty flat, Asian markets rise ahead of inflation data; check out key global cues for Indian stock market “The markets after a big leap in the last few weeks has turned a bit weary of the heights and moved lower by end of the week. The data points emerging from the US giving stronger indications of a likely rate action from the Fed in its next meeting led to a slump in the overseas markets. There is a narrative that is emerging that inflation might be more persistent than it is thought to be at this juncture, going by the conditions that prevail in the US
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