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Nifty 50 rises week over week as investors weigh rate cut hopes

The index traded mostly between 24,000 and 24,300 during July 13 to 17, helped by lower-than-expected US inflation that boosted expectations for a US Federal Reserve rate cut.

Reported · Written up by our desk · Trade & Tariffs

Indian equities stayed volatile but the Nifty 50 moved higher for the week ended 17 July, up 0.5% week over week after a mild 0.3% dip in the prior week, according to LiveMint Markets.

On a monthly basis, the index is up 2% so far in July after rising 1.4% in June, but it remains down 7% year to date. LiveMint Markets said tensions in the Middle East, fluctuating crude oil prices, foreign investors selling shares, and mixed global cues drove choppy trading even as the Nifty held largely within a narrow band.

The report attributed part of the market’s resilience to lower-than-expected US inflation data, which raised expectations of an interest rate cut by the US Federal Reserve. It also noted that the Nifty kept trading mostly between 24,000 and 24,300, with 24,400 cited as the level needed to confirm a breakout.

Anand Rathi technical researcher Jigar S. Patel said 24,000 is the first support and 23,800 to 23,600 a stronger support zone, while 24,300 to 24,400 has acted as a ceiling. For Bank Nifty, Patel said a decisive close above 59,000 could spark a rally, while a drop below 57,000 could trigger a short-term correction.

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