TOUCHWOOD – we have seen a continuous upward rally since Mid June 2022. But we have been witnessing continuous Lower Highs being made since the peak in Oct 2021 (as discussed in many of the previous editions of this report as well). It is going to be crucial to see if we can witness Nifty soaring above the previous Lower High at 16800 which may further pave way for a stronger upward momentum. Only time can tell. Fingers Crossed. Benchmark Indices all moved up well between (+2.8%) & (+3.6%). Another interesting insight that may bring cheer to many folks is the receding levels of FII selling we have been seeing this month. We saw some FII buying of around 1295 Crores on 05th of July 2022 and some low 3 digit crore selling following that. So these can be construed as positive signs for those who have been closely tracking the FII / DII data & it’s correlation to the index movements.
Almost all sectors closed the week in green with PSU BANKS (+6.62%) leading the charge. FMCG , CONSUMPTION & REALTY all did well to clock 5% plus this week. In the last 3 months, AUTO at (+11.29%) & FMCG at (+6.79%) have been the avenues where money seems to have flown during these times. Rotational Momentum based WeekendInvesting Smallcases tracked the market quite well with Mi NNF 10 (+2.94%), Mi 20 (+2.53%) , Mi EverGreen (+1.26%) & Mi 35 (+1.94%) leading the pack while absolute momentum based strategies remained muted due to the allocations in CASH. Performance is updated below.
Click on the link below to read the full report