Markets finished the session on a higher note after
Moody said yesterday that the Reserve Bank of India may possibly cut interest
rates in its next monetary policy review due next month despite retail
inflation surging to an eight-month high in June. For the most part of
the day, the Sensex and Nifty traded on a firm note on the back of sustained
buying interest in technology, auto and pharma stocks. The sentiment on the
Street was boosted on optimism that India, which imports almost a third of its
crude requirements, would benefit from weak oil prices on the back of the Iran
nuclear deal. The Sensex advanced 265 points to close above 28198 and
the Nifty jumped 70 points to close above its crucial psychological level of
8500 at 8524 as sentiment turned positive tracking developments in Iran and
Greece over last few days. Today nifty made a high of 8531 and low 8462,
total 69 points was played by nifty throughout the day.
We are at the crossroads: if the Nifty forgets similar predicaments and manages
to get past today’s high of 8531 then we left the quandary unscathed. However,
on the contrary, if it were to slip below 8460 – 8440 support zone on high
volume activity and large scale position building in the derivative segment
then, perhaps, a retest of 8390 could well happen. Notwithstanding such a
possibility, we would say that till such time a decisive close above 8530
would—once again—bring the bulls back to the center stage.More about intraday tips on Google +
RESISTANCE: 8525, 8560, 8595
SUPPORT:
8490, 8455, 8420
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