RBI meet, auto sales, Q1 earnings, other factors to look at

Markets this week: The domestic equity market remained bullish on favorable global cues, which lifted the indices. During the week, the Sensex touched the level of 57,500, with the Nifty 50 reaching the level of 17,150. Analysts said this week, announcement of macroeconomic data, quarterly earnings, RBI interest rate decision and foreign fund movement are the key factors that will guide trading activity in the equity market.

He said other factors affecting the trade are global market trends, rupee movement and crude oil.

“This week marks the beginning of a new month, so participants will be eyeing important data. Auto sales and PMI numbers for signs. The MPC (Monetary Policy Committee) meeting follows the recent Fed policy and its outcome is due on August 5,” said Ajit Mishra, VP – Research, Religare Broking Ltd.

RBI MPC meeting

The key event to watch next week will be the Reserve Bank of India’s (RBI) monetary policy scheduled from August 3 to August 5. Most experts expect rate hike in the range of 25-50 basis points as retail inflation is still above RBI’s target of 2-6 per cent, but commentary on falling commodity prices and normal monsoon and global central banks action will be important.

US job data

US non-farm payrolls and employment data will provide clues about the health of the jobs market in the US and guide the Fed’s monetary policy path forward. “US job data is an important trigger as US markets closely follow US GDP and US job data. As US GDP estimates have been disappointing this week. If the US job data also turns out to be disappointing, it will put heavy pressure on the dollar index, leading to a sharp recovery in the national currency and market morale. Hence, there is a need to be cautious about the US job data coming next week,” said Anuj Gupta, Vice President – ​​Research IIFL Securities.

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corporate income

Over 560 companies will release their quarterly earnings in the coming week, including key names like ITC, State Bank of India, UPL, Lupine, Britannia Industries, GAIL India, HPCL, Mahindra & Mahindra and Titan Company.

All Adani Group companies (Adani Enterprises, Adani Power, Adani Transmission, Adani Green Energy, Adani Wilmar, and Adani Total Gas), and new-age tech companies One97 Communications, FSN E-Commerce Ventures and Zomato also reported their quarterly earnings. Will announce ,

auto sales

Monthly sales numbers for July will be announced by auto majors next week, so Tata Motors, Maruti Suzuki, TVS Motor, Bajaj Auto, Escorts, Mahindra & Mahindra, Ashok Leyland, Eicher Motors, Hero MotoCorp, etc. will be in focus.

Passenger vehicle sales numbers are expected to be good on strong demand and improving chip availability, while commercial vehicle sales are also expected to be good on a year-on-year basis, although there is some seasonality on month-on-month numbers due to monsoon. may have an effect. Experts said that in case of two-wheelers, potential sluggish demand could impact both annual and sequential sales data, while tractor sales could see a seasonal impact.

dii fii data

“Though FIIs have been net sellers in the month of July, they are indicating buying interest. Anuj Gupta of IIFL Securities said, “If the dollar index and bond yields continue to fall, FII sell-offs are expected and in that case Indian stocks may see a rally as DIIs are already investing money in the market.” are.

tech scene

Nifty closed above the psychological 17,000-mark as well as the 200-day simple moving average (17,033) and continued with a sharp uptrend for the third session, raising confidence among bulls on Dalal Street. Now the market is eyeing 17,500 as the next important resistance followed by 17,500-18,000 barriers but before that, given the continuous uptrend over the past few days, some profit booking with support at 16,950-16,800 levels should not be ruled out. can be done. , experts said.

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Nifty50 has formed a bullish candle on the daily and weekly charts while there was a bullish engulfing pattern on the monthly scale.

“A long bull candle formed on the weekly chart, back to back for the second week. Nagraj Shetty, Technical Research Analyst, HDFC Securities, said, “This market action indicates bullish strength in the market after an upward breakout, as per the shorter and larger time frame charts.

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