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Stock market July series outlook: Experts predict 3% gain in Nifty, Bank Nifty – Mint

Stock market July series outlook: June series ended yesterday with rollover of near 84 per cent in both Nifty and Bank Nifty. According to experts, this high percentage of roll over signals positive sentiment of the market and hence in July series that is beginning today, they have predicted Nifty to touch at least 16,200 levels while they expect Bank Nifty to test 36,000 mark — 3 per cent upside move for both indices.

Speaking on the stock market outlook in July series Sumeet Bagadia, Executive Director at Choice Broking said, “Throughout the June series, we have witnessed heavy counter attack by bulls after each profit-booking session, which includes last trade session of the June series. This reflects that the near term upside trend of the market is intact and hence in next one month, I am expecting Nifty to go up to 16,200. However, if bulls counter attack again after the profit-booking trigger in metal sector, then the 50-stocks index may go up to 16,500.”

Sumeet Bagadia of Choice Broking said that IT, banking and metal stocks are expected to outperform other sector stocks citing, “Bank Nifty is expected to regain 36,000 levels as divestment trigger in the banking sector will fuel rally in the public sector banking stocks like SBI, Canara Bank, etc. He said that private sector banks like ICICI Bank and HDFC Bank will also aide Bank Nifty rally in the July series beginning today.

On strategy to make money in July series Arijit Malakar, Head of Equity Research at Ashika Stock Broking said, “The rollover in Nifty from June to July series stood at 84.61 per cent against its 3-month average of 75.08 per cent. At Bank Nifty it is at 83.88 per cent against its 3-month average of 77.86 per cent. These figures clearly suggest that the long formed in Nifty in June series have been rolled over and it won’t be surprising to see Nifty entering the uncharted territory any time soon. Hence, we maintain our positive stance on market and would advise trader’s to adopt buy on dips strategy until we manage to sustain above 15,100 to 15,200 levels.”

On July being month of results Kapil Goenka, Director at C M Goenka Stock Brokers said, “IT, FMCG and pharma sector i expected to give brilliant results and that will lead to further northward journey of Nifty. There will be a consolidation in markets till first week of July and later earning season and monsoon arrival will give a boost to the Markets.”

Highlighting the hurdle and support for the market amid beginning of the July series Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The daily chart of Nifty signal a broader range movement over the last 8-10 sessions. On the upside the area of 15900 is acting as a hurdle and the lows of around 15,500 to 15,450 level is offering a strong support and resulting in a sharp upside bounce from the lows. Hence, on further upside, the market is expected to find resistance around 15900-15950 and any decline from here could offer support at 15,600 levels.”

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