26 June 2015

NIFTY OUTLOOK FOR MONDAY 29 JUNE 2015

Slippery start of July series…!!!! The Indian equity market ended with minor losses on Friday amid a highly volatile trading session. Indices today traded on a slippery note on the first day of the July series on account of profit-taking following the recent rally and uncertainty surrounding the Greece crisis. This week, Sensex moved up by over 450 points as concerns on monsoon receded temporarily. For the next week, domestic equity market will remain volatile due to continued talk between lenders and Greek government. Today buoyed by strong monsoon till date, bulls remained heavy on domestic equity market Sensex and Nifty surged around 2 per cent for the week ended June 26. The markets ended on a weak note in trades on Friday on the back of selling in most of the sectors barring IT. The intra-day recovery fizzled out towards the end of the trading session owing to the weekend factor. The Sensex finally ended with a loss of 84 points at 27,812.The Nifty slipped to a low of 8,340, before rebounding into the positive zone for a brief while in noon deals. The Nifty eventually settled with a loss of 17 points at 8381.
Market will be eying on how the talks on Greece concerns evolve in the coming days. As far as India is concerned, while the global risk diminishes, market momentum will depend on positive FII inflows, government spending and lower interest rate. After a stellar performance by the Nifty yesterday, we can still see the index moving up again on Monday’s session provided it does not fall below 8382 – 8388 support area. In any case, getting past the hurdle of 8420, it would gain further momentum to scale up to even higher levels. On the downside, below 8382 support is likely to be found between 8340 and 8318. And so long as the Nifty does not go slip below 8259. 
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RESISTANCE: 8430, 8480, 8530
SUPPORT:  8380, 8330, 8280          

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