After shedding nearly 2% in the last week, the markets may see a quiet opening as the SGX Nifty is quoting at 5.378 up six points. The hawkish monetary policy and inflation may continue to haunt the markets for the day.
According to the Angel broking, market outlook report the trend deciding level for the day is 17,929/5,381 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18,014 - 18,157/5,406 - 5,446 levels. However, if NIFTY trades below 17,929/5,381 levels for the first half-an-hour of trade then it may correct up to 17,786 – 17,701/5,341- 5,316 levels.
The stocks to watch out for the day are the ADAG pack as two of the ADAG Sensex scrips is out of the top 30 which will be replaced by Sun Pharma and Coal India which is effective from August 8. Major textile makers, including Grasim, Modi Polymer and Bombay Dyeing will face some pressure as they have been dragged to the competition watchdog CCI for allegedly abusing their dominant market position by dictating prices and sale terms.
