Market forecast: What to expect this week?

1 Aug 2022 , 11:25 AM

Indian equity markets may see some more gains this week. But things may turn other way too if foreign selling intensifies due to some reason. In the absence of any positive fundamental news on the economoic front, investors will also do some short term profit booking. Investors will maintain a very short term perspective this week too.  So some days are likely to be in the Red too. Monetaty policy meeting of RBI will take place from 3rd to 5th August. Its interest rate hike decision during this meeting will also impact market movement and sentiment this week. 

On the technical front, Nifty 50 is likely to see support at 16800 and resistance at 17450. Nifty Bank is likely to see support at 36850 and resistance at 38000 level. IT and Pharma stocks are likely to see some bullishness this week. A Buy recommendation is being given on the stock of Coforge for this week. Target price is Rs4200. Stop Loss is Rs3820.  Buy recommendation is also being given on the stock of Dabur for this week. Target price is Rs630. Stop Loss is Rs560.