Nifty lifted 100 points on Wednesday, snapping an eight‑week downtrend and turning the weekly chart green—a rare bullish signal for the index.
The blue‑green candle follows a series of resistance hits at 22,000, a level analysts say could act as a magnet if the market dips again. According to NSE data, the index hovered just above 21,700 on Thursday, suggesting traders are cautious.
Macro releases for the week include retail sales and industrial output, while earnings season kicks into gear for major banks, IT firms, and FMCG names. Market watchers expect about a 2% uptick in corporate earnings, a sharp rise from the zero‑growth forecast in Q1.
Analyst Rakesh Sharma of Axis Securities notes, "The 100‑point gain is a technical correction; what matters now is whether the index can sustain momentum beyond 22,000." He added that a rebound could lift the benchmark to 22,500 by mid‑month.
Looking ahead, the next earnings report is slated for August 20, with the market pricing in a 1.5% growth in the consumer staples sector. Traders should monitor the 22,000 support as a potential turning point for the week.