Equities on tenterhooks: Covid concerns, Fed decision to induce caution

| | Mumbai
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Equities on tenterhooks: Covid concerns, Fed decision to induce caution

Sunday, 25 July 2021 | IANS | Mumbai

India’s key equity indices are expected to maintain caution on the back of rising Covid cases globally as well as the rate decision of the US Fed during the upcoming week.

However, expectations of robust quarterly results along with hopes for an accelerated economic recovery will retain investors’ interest in the market.

“US Fed interest rate and progress in spread of Coronavirus and its variants will be watched keenly,” said Deepak Jasani, Head of Retail Research at HDFC Securities.

“Nifty has formed lower top lower bottom on weekly charts compared to the previous week. Hence 15,962 resistance becomes an important determinant of the future direction.”

Besides, Jasani cited that as long as this level (15,962) is not breached, markets, sectors and stocks could undergo rotational profit taking.

Furthermore, the week ahead will witness the release of Q1FY22 corporate results from ICICI Bank, ITC, Indusind Bank, Axis Bank, L&T, Tata Motors, Kotak Bank, Dr Reddys, Maruti Suzuki.

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