Global factors will continue to have impact on Indian equity markets this week. Natural gas prices in Europe have falled below $100 per megawatt hour. This has happened because of lower demand due to relatively mild weather. In the first four months of 2022, real wages in UK fell y-o-y by 2.6%. Results of US tech companies such as Alphabet, Meta etc showed the impact of economic slowdown. Due to higher interest rates, banks in Europe have posted strong profits. Banking stocks in India too may continue to see strong buying pressure. Central Bank of Canada has surprised the markets by going for a lower-than-expected interest rate hike of 0.5%. Consumer goods companies are resorting to increasing prices in order to offset the impact of lowering of demand.
Nifty 50 is likely to find resistance at 18100 level. Support is likely to be seen at 17480. Pharma and Realty stocks may remain bullish this week.
A Buy Call is being given, for this week, on the stock of Maruti Suzuki. Target price is Rs 10,100. Stop Loss is Rs 8,900.
A Buy Call is also being given on the stock of Sun Pharma Advanced Research (SPARC). Target price is Rs 269. Stop Loss is Rs 240.
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