Good Evening Everyone,
Most of you must be waiting to know what exactly happened today. Well as I had written in the morning pre-market report, The International Monetary Fund, on July 27, cut India's gross domestic product (GDP) growth forecast to 9.5 percent for the fiscal year 2021-22, from the previous forecast of 12.5 percent, citing the hit on economic activity and demand due to the deadly 'second wave' of the COVID-19 pandemic.
Also, today being Wednesday (Day before the expiry) we could see huge volatility in the market.
On a daily chart, we can see that the the candle indicates similar to a trend reversal technically, but then there Is nothing really great happening around to bring the reversal, so we cannot see any big movements upwards now.
Initially, in the first half, all sectors were in red and after than there was a V-shaped recovery in the market, and then FMCG and metals raced ahead to close at highs today.
Our pick, Bharti Airtel was the top gainer today, up by 5%, followed by Tata steel and SBI life.
Kotak bank continued to fall even after good results followed by Dr Reddy and Tata motors.