Nifty predictions July 7: Index faces resistance at 19,500; Buy on dips for Bank Nifty
equity market is expected to open lower Friday following weakness in global peers. The Asian markets traded lower amid a sell-off on Wall Street triggered after stronger than expected jobs data increased fears of more interest rate hike by the Federal Reserve. Trends on Gift Nifty also indicated a flat-to-lower start for the Indian indices.
The Gift Nifty was trading 10 points lower at 19,478. The Indian market ended at a fresh record high levels led by a rally fuelled by sustained foreign fund inflows.on Thursday. The Sensex rallied 339.60 points, or 0.52%, to close at 65,785.64, while the Nifty jumped 98.80 points, or 0.51%, to settle at 19,497.30.
Also Read: Day trading guide for today: Six stocks to buy or sell on Friday — July 7 “Nifty has moved up sharply by 865 points (4.6% gains) in the last 8 trading sessions, scaling new highs on the back of healthy progress in monsoon, strong FIIs inflow, and decent pre-quarterly updates," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services. He expects the market uptrend to continue with stock-specific action. Investors will keep an eye on US Nonfarm Payroll, and Unemployment data, which will be released on Friday, he added.
On Thursday, the Foreign institutional investors (FIIs) net bought Indian shares worth ₹2,641.05 crore, while Domestic Institutional Investors (DIIs) net sold shares worth ₹2,351.66 crore, as per provisional data available on the exchanges. Also Read: Gift Nifty trades flat, Asian markets fall after sell-off on Wall Street; key global cues for Indian stock market On the technical front, after consolidating in the last couple of sessions, Nifty resumed its upside momentum on Thursday. A long bull candle was formed on the daily
. Read more on livemint.com
