15 June 2016

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 16 JUNE 2016

Bulls are back on the driver seat. Snapping four-session long losing streak on Wednesday, the  Sensex settled the day 330 points higher, while the broader Nifty reclaimed its key 8200-mark. The Sensex and Nifty snapped a four-day losing streak on Wednesday after Union Cabinet approved new civil aviation policy and merger of five associaties with SBI amid firm Asian markets. Sensex closed 330 points up at 26726, while Nifty settled 97 points up at 8206. The Sensex opened at 26501 touched an intra-day high of 26753 and low of 26447. The Nifty closed with a gain of 98 points at 8206. The NSE Nifty opened at 8139 hitting a high of 8213 and low of 8123. The rally today was supported by strong European markets, ahead of Fed decision, and the cabinet approval for SBI (State Bank of India) units to merge with itself. MSCI’s decision of not including China A-shares in EM index also relieved investors. Looking at the US treasuries right now, it doesn’t look like market is expecting the Fed will hike rates tonight, but it remains to be seen whether it is a full stop, comma or a semicolon for now.
We continue to maintain a bullish view for market. The earning season is holding up and there are no major negative sentiments with regard to corporate earnings. We expect this sentiment to carry forward over the next few weeks and therefore expect markets to move at least 50 points beyond 8250. On the downside, we expect the immediate support at 8110.
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RESISTANCE: 8250, 8300, 8350
SUPPORT:  8200, 8150, 8100

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