"BUY INDIACEM FUTURE ABOVE 102.10 TGT
102.85/104.20 SL 100.20"
"BUY ICICBANK 240 CALL @ 7 TGT 9.4/12.90 SL
4.80"
The week has started on bearish note. The Sensex and Nifty
fell for the third straight session on Monday on renewed worries about the
impact of Britain’s June 23 referendum on whether to leave the
European Union amid subdued Asian markets ahead of US Fed meet. The Sensex
fell more than 1% on Monday and the Nifty tumbled below its crucial
psychological level of 8100 on the back of weak global cues as risk aversion
prevailed in risk assets across the globe ahead of key events like Brexit vote
and US Fed meet which will kick off from tomorrow. The Sensex ended with a loss
of 239 points at 26396. The Sensex opened at 26468 touched an intra-day high of
26468 and low of 26262. The Nifty closed with a loss of 59 points at 8111. The Nifty
opened at 8102 hitting a high of 8125 and low of 8063. Weak IIP and expectation
that CPI inflation is likely to accelerate is hammering the market. Weakness in
rupee due to anxiety over the upcoming FOMC and BoJ policy meet is shifting the
investor’s focus from riskier assets to safe havens like gold.
Next logical target for Nifty would be 8080-8050 and
breaching levels of 8030 would force Nifty to see levels of 8000. Whereas the 8150-8200
will act as very strong resistance levels, If once it go to 8200 then there will higher
probability that nifty may come back to its comfort zone of 8250.
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RESISTANCE:
8150, 8200, 8250
SUPPORT: 8080, 8050, 8000
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