As equity markets saw another volatile session this week, investors became richer by Rs 1.75 lakh crore.

Domestic benchmark indices Sensex and Nifty, after having slipped into the red for two consecutive trading sessions, ended with 1% gain each on Friday. S&P BSE Sensex gained 329 points to sit at 35,171 points, while the 50-stock NSE Nifty ended just a tad bit below the 10,400 mark at 10,383 points. “ Nifty remains in a range and seems to be awaiting further cues for a breakout on either side. The close today means the uptrend remains, but upsides seem to be capped,” said Vinod Nair, Head of Research, Geojit Financial Services. 

Investor wealth jumps this week: As equity markets saw another volatile session this week, investors became richer by Rs 1.75 lakh crore. Market capitalization of all BSE_listed firms stood at Rs 139 lakh crore at the beginning of the week and on closing today it was at Rs 140 lakh crore. 

Infosys, TCS, IndusInd Bank top gainers:  Information technology major Infosys and TCS were two of the top most gainers among BSE Sensex stocks. Infosys gained 6.94% while TCS was up 5.21%. The IT stocks were followed by two private lenders, IndusInd Bank and HDFC Bank, gaining 4% and 3% respectively. ONGC too jumped 2.87%. “Bulls maintained their control today as IT heavyweights rose amidst positive commentary from leading companies. Oil Marketing Companies too witnessed buying interest as the market managed to close the day on the upside. Also with a 20% excess, rainfall Rural Themes attracted investor interest in the broader market,” said S Ranganathan, Head of Research at LKP Securities.

Technical analysis:
Index closed a week at 10383 with gains of 1.35 percent and formed a doji candle pattern on the weekly chart which hints uncertainty in the markets. For coming week strong hurdle is still at 10500-10600 zone once we managed to sustain above said levels then we may see smooth move towards 11k mark, support for nifty is coming near 10300-10200 zone and overall base still at 10k mark any dip near 10k mark will be again good buying opportunity. Nifty bank closed a week at 21592 with gains of 1 percent and formed a doji candle pattern on the weekly chart, support for the nifty bank is still at 21300-21000 zone and resistance is coming near the 22000-22300 zone. ~ Rohit Singre, Senior Technical Analyst at LKP Securities

Here’s what to expect in the coming week:
Statistical evidence suggest that sometimes monthly expiries have registered intermediate tops and bottoms. July expiry is expected to begin with lower short interests and therefore the velocity of the up-move rally that was witnessed in the month of May and June may not occur again in July. Infact, July can give a negative surprise and can fall decently, if no fresh delivery-based buying emerges. Markets are still going to be significantly influenced by updates on India-Sino standoff and US-Sino trade talks. While these influences might only be sentimental but if FPIs start selling, markets can really fall from the cliff as they have already bounced back 38% which statistically is a good number for markets to start drifting lower. All the positives, if any, are discounted, however any negative surprises may take markets lower. Investors are advised to be cautious, conserve cash and wait on the sidelines. Nifty50 closed the week at 10,383.00, up by 1.35%.  ~ Jimeet Modi, Founder & CEO, SAMCO Securities & StockNote