Global cues for Indian equity markets are mostly negative this week. Tax cuts have been announced by the British government to give a boost to its sagging economy. But equity markets and bond markets have given an initial negative reaction to this measure. This is because it will widen the country’s fiscal deficit. S&P 500 touched its lowest level in two years this week. Down Jones is now down by more than 20% from its most recent peak. This means that technically it has entered bearish territory. Increase in housing prices in United States slowed down considerably in July because of persistent interest rate hikes by the US Federal Reserve. These interest rate hikes have increased the cost of home mortgage for borrowers. World Bank has projected that China’s GDP growth in FY23 will be just 2.3%.
On the technical front, metal stocks and pharma stocks are expected to do well this week. A Buy call is being given for this week on the stock of KPIT Technologies. Target price is 700. Stop Loss is 635. A Buy call is also being given on the stock of Sun Pharma. Target price is Rs 1010. Stop Loss is Rs 915.
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