Week ended on a positive note. Sensex and
Nifty ended higher in trades on Friday led by gains in beaten down banking and
metal shares. The Sensex advanced 178 points to close at 23154 and Nifty
rose 59 points to settle at 7030. Meanwhile, the government tabled
Economic Survey before the parliament. The Survey pegs India's GDP growth
between 7-7.75 % for the financial year 2016-17 and the report also suggested
that the government would likely achieve its fiscal target of 3.9% for current
financial year and stressed on importance of sticking to fiscal deficit target
of 3.5%for the next financial year. This boosted the hopes of further rate cuts
by the Reserve Bank of India pushing equities and bonds higher. Markets continue
their ascent in the late noon trades after the Economic Survey 2016 tabled in
the Parliament reinstates confidence in the growth of Indian economy for the
next two years. The rally in the local markets is led by the banking shares.
Monday the budget is going to be announced very volatile trading session
we are expecting for Monday. There are no clear indications as yet to suggest
that it is going to be final bottom bullish market. In any case, we are in for,
at least, bit of a bounce this week. The most critical zone for Monday will be
between 7080 and 7135; its real test would come when it tries to clear the zone
between 7150 – 7180—once this zone is decisively taken out, the market would
see the next round of bulls rally.
More about intraday tips on Google +
Resistances: 7080, 7125, 7170
Supports: 7000, 6950, 6900
No comments:
Post a Comment