7 June 2014


On Friday very bullish momentum was witnessed in the market. The Sensex and Nifty future both hit record high. Sensex hits record high above 25,400 & Nifty makes an attempt to touch the level- 7600. The Nifty has posted another lifetime closing price high on Thursday and that was almost near the Friday’s high. On Friday nifty future started at 7549 made a high of 7601 and low of 7512 and closed at 7590 total in the range of 89 points was nifty future moved throughout the day. Overall the market is in a bull run and the momentum is expected to continue. Due to Large overseas funds, which are coming into the market, are looking for quality companies with inherent strength such as ONGC. For Monday nifty will move in the range of 7550-7600 and also will try to touch 7650 level However, we do not anticipate the index to fall below 7480 and buying to resume by tomorrow.
Our view remains that even if we see a new top higher than 7563, we still might see at least a sideways range-bound movement between 7550 and 7350 for a few days in consolidation before the Budget rally begins. At this stage, such a rally projection could be anywhere between 7720 and 7850 around the time when the Budget is announced.
In the bank nifty index chances will finally be able to clear certain critical level.
On Friday the bank nifty started at 15450 made a high of 15609 and low of 15337 and closed at 15570.for Monday bank nifty will move in the range of 15450-15600. At the other side 15380 will be proved as very good supporting level for bank nifty. The bank will be firmly established when it clears 15500 on closing price basis. If that were to happen then we might see the index tackling the final supply zone between 15570 and 15770, and post a new high. While such a move would be very welcome, it may take some time to happen. On the other hand, in case, it comes down and falls below 15270 through 15230 initial support area then it can go down by another 200 points to test levels around the 15000-level however, it appears wee bit less likely given the current buoyancy in the market.

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RESISTANCE: 7585, 7615, 7645
SUPPORT:  7555, 7525, 7495

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