Nifty, apart from being impacted by weak global cues was also effected by some of the important economic data —IIP, WPI and CPI. All this in totality resulted in a cut of 2.15% on weekly basis.
Technically, Nifty is trading in range 7430-7600 from past four session. Sustenance below 7400 spot will led to further sell-off towards 7250 levels.
RELIANCE, KOTAKBANK, HCLTECH, AXISBANK are some of the large-cap companies that will declare their results this week. Traders will be keenly eyeing at these figures as they have direct impact on the benchmark.
We reiterate, mid and small-cap stocks react more hence, it is better to avoid this space considering the current market situation.