26 May 2016


The Sensex  jumped 485 points to reclaim its crucial psychological level of 26,000, while the broader Nifty settled above its key 8050-mark as the May series derivative expiry concluded. Extending its gains for the third straight session on Thursday,  The headline indices hit their 2016 highs on favourable quarterly earnings. Positive cues from the global markets also contributed to the gains. Sensex ended with a gain of 486 points at 26,367. The Sensex opened at 26,008 touched an intra-day high of 26,399 and low of 25,941.The Nifty closed with a gain of 135 points at 8,070. The Nifty opened at 7,974 hitting a high of 8,083 and low of 7,949.
Indian Stock Market would open positive. Today is F&O Expiry day and market would see huge volatility. Technically, Indian Stock Market has entered into positive zone and now traders should go long at every dip in the market. Nifty would see some strong resistance near 8100-8150 levels, breaching which Nifty would confirm Inverse Head and Shoulder Pattern that is bullish in nature. If Nifty breaches levels of 8150 then next targets for Nifty would be 8250-8350 levels. BankNifty would also see strong resistance near 17577 levels, breaching which a sharp breakout would be seen in BankNifty. FIIs were net buyers of Rs.495.08 crores whereas DIIs were net buyers of Rs.337.22 crores in cash market for last trading session. Nifty would see strong support at 7850-7865-7900 whereas strong resistance would be seen at 8025-8080-8145-8200 levels.
Global markets
European shares were mixed on Thursday, with banks in Italy and Spain on the back foot following a recent rally, while commodity stocks were boosted as Brent crude oil prices hit $50 a barrel for the first time since November.
The STOXX Europe 600 was down 0.1 per cent at 348.06, with the FTSEurofirst 300 flat. Both indexes hit a 4-week high in the previous session.
Monsoon forecast
Improving earnings have raised optimism at a time when investors are betting monsoon rains will be stronger than average, boosting the outlook for rural demand. “Monsoon is one major positive sentiment driver and global markets are also looking calm

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