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Stock market watch: What to expect from the week ending July 9, 2021
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Last Updated: Jul 05, 2021, 06:30 AM IST
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Synopsis
Though Nifty will remain in the trading range for some time, analysts say an upside breakout is possible in the next two weeks, lead by the banking sector. After underperforming the market for some time, heightened activity is happening in the sector.
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Strong rollover hints at upside breakout: Equity markets remained subdued due to negative economic news. For instance, IHS Market India Manufacturing PMI contracted in June after a gap of 11 months due to the second covid wave. The chance of another global wave also increased due to the spread of Covid’s delta variant to several countries. Nifty ended last week with a modest loss of 138 points (or 0.9%). The loss would have been higher had the Finance Minister not announced a new economic package to revive covid affected sectors. Since these positive and negative factors ne