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LIVE: Nifty set to resume uptrend? HDFC Bank, Godrej Consumer, Inox Wind in focus | MPC meet begins

Nifty50 extends its upward journey for second consecutive session and decisively ended above the 20-day EMA of 19,547 on August 7. Experts say the index now needs to give a decisive close above 19,700 for further rally towards 19,800-19,900. Meanwhile, 19,500-19,300 band is expected to be crucial support area for the benchmark index. Foreign Portfolio Investors (FPIs) have been net sellers in the Indian equity market for seven straight sessions. Will they turn buyers anytime soon? It promises to be a volatile week as investors will be watching out for the Reserve Bank of India’s Monetary Policy Committee (RBI MPC) meet outcome on Thursday, August 10. RBI’s rate-setting committee will kick off its three-day policy meet today. A long pause is already factored in but all eyes will be on Governor Shaktikanta Das’ comments on inflation amid surging food inflation, thanks to a spike in tomato prices. Lots of stocks in focus this morning including HDFC Bank, Godrej Consumer, PB Fintech and Inox Wind. Among key Nifty earnings today watch out for Hindalco and Coal India. Catch Nandita Khemka in conversation with Sacchitanand Uttekar, Vice President – Research (Derivatives and Technicals) at TradeBulls Securities; and Kranthi Bathini – Equity Strategist at WealthMills Securities.

first published: Aug 8, 2023 08:38 am