Weekly forecast: What to expect from Indian equity markets this week?

25 Jul 2022 , 08:51 AM

This week Indian equity markets may remain in the volatile territory. Federal Reserve decision on interest rate hike will come on July 27th. It is expected that the US Central Bank will increase interest rate by 75 basis points. 1 basis point equals .01%. Foreign Portfolio Investors are likely to be net sellers at least on some days of the week. Further decline in the value of rupee will be a negative for market sentiments. Corporate results of companies that will report their results this week will also affect market sentiments.

On the technical front, the suggestion is to remain cautious. Support is seen for Nifty 50 at 16300 level. Resistance is seen at 17000 level.  Financial Services stocks and FMCG stocks are exepected to remain bullish this week.

HDFC Ltd’s stock is forecasted to see some upward movement this week. Target price is Rs2440. Stop Loss is Rs2200.

Coforge’s stock is also forecasted to see some upward movement in the week. Target price is Rs3950. Stop Loss is Rs3570.