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Volatility seen ahead of July F&O expiry

Markets are likely to remain volatile ahead of the expiry of July derivative contracts even as the first quarter earnings and the progress on the GST Bill would continue to remain in focus.

In the week to July 22, the S&P BSE Sensex ended down 34 points at 27,803 while the Nifty50 ended unchanged at 8,541. In the broader markets, the BSE Midcap and Smallcap indices rose over 1% each.

"Nifty remained range bound throughout the week and closed unchanged at 8541. Next week, No major Global event.Market will closely watch corporate earnings announcement from the heavy weights like ACC, Bajaj Auto, Asian Paints, HDFC, YES Bank, ICICI, L&T,Vedanta. Technically, on weekly charts Nifty has strong resistance in the band of 8600-8650. Any decisive move and close above this can fuel the rally further upside till 8750. In case Nifty does not hold above this level then a correction till 8380 is possible

Even though the benchmark indices consolidated in a narrow range during the week, the broader markets witnessed action with select midcap and smallcap shares notching up sharp gains.

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