12 June 2015

NIFTY OUTLOOK FOR MONDAY 15 JUNE 2015

Maruti calls given in the last post achieved 1st tgt  
The market opened on a flat note and was volatile during the day.  The Sensex recovered over 54 points to close at 26425 on fag-end buying in some bluechips, led by banking, power and oil & gas sector stocks, and ahead of retail inflation and IIP data to be released today. However, concerns over a weak monsoon and slow credit growth, kept investors cautious. Sentiments were buoyed after Finance Minister Arun Jaitley said banks have promised greater rate cuts in coming weeks.
A narrow trading session was witnessed in the markets today.  The oversold market conditions provided some sort of buying interest. Nifty today opened at 7959, made an intraday high and low of 7995 and 7940 respectively and finally closed at 7982 up around 17 points. The market breadth stood negative. Today Nifty tries to regain its psychological 8000- mark but failed and ends on flat note. Market participants were also keeping a close eye on the macro data which will be unveiled later in the day.Hence, we are likely to see further volatility and there is a possibility of consolidating downwards to 7800 levels. Over the next few weeks, we do expect much lower levels than the above support zone yet for today it needs to be watched very closely since it still is a very significant support area. In case, it gives way then even a level close to 7850 may come sooner than later.
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RESISTANCE: 8000, 8050, 8100
SUPPORT:  7950, 7900, 7850

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