InvestorQ : Can you share your trading view for 08 July and do you now see the Nifty breaking above 16,000?
Dia Deshpande made post

Can you share your trading view for 08 July and do you now see the Nifty breaking above 16,000?

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diksha shah answered.
2 weeks ago
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Trading on Wednesday displayed a lot of underlying strength in the market, largely led by metal stocks and other sectors following suit. Financials also supported the story. In terms of stock specific stories, the day belonged to Tata Steel, JSW Steel and Hindalco. The Sensex actually closed at an all-time high of above 53,000 levels.

Among the stories that came under pressure were cement and among the FMCG plays it was Titan. In fact, Titan corrected on Wednesday after it guided for a tough June quarter due to COVID 2.0. Overall, smaller names in the mid-cap and small cap space continued to outperform the larger cap stocks on Wednesday.

Foreign portfolio investors or FPIs were net buyers to the tune of Rs.533 crore on 07 Jul, which is a slight detraction from the daily selling that we have been seeing in July. However, domestic institutions sold Rs.232 crore in the equity markets. FPIs have been net sellers in July till date. Global cues from the US are flat while SGX Nifty is weak in early trades.

I have been maintaining the view that while the level of 16,000 on the Nifty should eventually be broken, it would take some effort as that level will be a psychological barrier for the Nifty. For now, traders can look at focusing more on the mid-cap and small cap plays where the traction is much more than large caps. Zomato could suck out market liquidity.

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