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The NSE Nifty 50 (India 50) could trade range bound on Friday as weakness across global markets could have an impact on the index, analysts told Capital.com.
The Philippines central bank raising its interest rate, and the overhanging fear of other countries likely to follow suit are seen as major challenges.
Mahindra & Mahindra share price and Tata Motors share price could react to news flow from those counters, that could influence the National Stock Exchange index.
Nifty 50 (India 50)
“On Thursday, a reasonable positive candle was formed on the daily chart, that paced beside the long bull candle of previous session. Technically, this pattern indicates a sideways range movement in the market at the highs.
Though, absence of sharp follow through up move post upside breakout of the hurdle is missing, but the overall uptrend remains intact,” Nagaraj Shetti, technical research analyst at HDFC Securities said.
Osho Krishan, senior analyst (Technical & Derivative Research) at Angel One believed the index could see some tentativeness as it approaches near the psychological level of 18000.
“We allude to our previous commentary on not being complacent, as the index has seen a strong vertical movement in the past couple of weeks. However, the undertone is expected to remain upbeat till it sustains above the 17,500-odd zone. On the technical front, 18,000-18,150 is seen as the immediate hurdle for the bulls, while 17,830-17,765 is the immediate support. Looking at the technical setup, the market is likely to trade within the mentioned range until a decisive breakout is not seen on either side in the near period,”
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Mahindra & Mahindra
Auto major Mahindra & Mahindra Ltd has convened a shareholders’ meeting on Friday to seek their approvals for the merger of Mahindra Electric Mobility with the company. The meeting was convened as per directions of the National Company Law Tribunal’s Mumbai bench, according to a July 16 regulatory update by the company.
Tata Motors
Tata Motors has won an order for 921 electric buses from Bengaluru Metropolitan Transport Corporation (BMTC). Under the larger tender by Convergence Energy Services Limited (CESL), Tata Motors will supply, operate and maintain 12-metre electric buses for 12 years, as per the contract, according to a media report.
Nifty on Thursday
On Thursday, Nifty ended up 0.07% at 17,956.50, with sectors such as realty, capital goods and power rising, while oil and gas, auto and information technology indices fell the most.
"Recent gains in Indian indices were helped by a combination of factors including encouraging macro data, fall in commodity prices, slowing inflation that may lead to central banks globally softening their monetary policy stance earlier than expected among others. Return of buying by foreign portfolio investors (FPIs) has also helped.
The steepness of the rally from the lows of June 2022 without any major correction on the way has been beyond the expectations of most investors,” Dhiraj Relli, managing director and chief executive officer at HDFC Securities said.
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