Market Outlook July: Going ahead, Indian equity markets will remain volatile this month due to implementation of Goods and Service Tax (GST). Investors are under the cloud of uncertainty over the implications of the GST on individuals and corporates. While the government expects GST to revolutionise India's taxing system and is being marketed as one nation one tax. It will benefit industry, government and consumer as it will lower the cost of goods and services give a boost to the economy and improve ease of doing business. The tax will boost the country’s fiscal health in the long term.
Further, progress of monsoon rains, trends in global markets, Q1FY18 corporate earnings, monsoon session of parliament which will be started from on 17th Jul, 2017 and presidential election results are the major factors which will impact the markets. On the global front, the US FOMC meeting minutes, European Central Bank (ECB) monetary policy and Japanese monetary policy will be keenly watched by market participants. Hence, we recommend investors to invest in fundamentally sound companies with long term view.
In this issue:
- Movers & Shakers
- Market Outlook
- Nifty Technical Outlook
- Technical Picks
- Auto Sales
- Commodity Outlook
- Mutual Fund
- Key Financial Events – July
Nifty Technical Outlook July: On the monthly chart, we are observing a doji candlestick pattern which reflects indecisiveness prevailing at current levels. In the coming month if Nifty trades and closes above 9574 level then it is likely to test 9650 – 9727 – 9815 levels. However, if Nifty trades and closes below 9466 level then it can test 9391 – 9315 – 9226 levels.
Broadly, we are of the opinion that for current month as long as Nifty holds 9391 on daily closing basis there is high probability that Nifty may test the 9800 – 9900 in couple of months. Investors should pick up quality stocks for long-term horizon to gain from the uptrend.
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