28 June 2016


On Tuesday Markets remained in bullish territory. The market showed signs of resilience for second consecutive trading session as indices surged higher. Nifty surpassed the 8100 mark while the Sensex ended above the 26500 mark. The indices rallied as the good progress of monsoon rains lifted consumer goods makers such as Hindustan Unilever that depend on the rural economy, though trading volumes were thin due to continued concerns about the Brexit fallout. Sentiment got a fillip as European market too staged a strong recovery ahead of the commencement of a two-day European Council meet. The Sensex ended with a gain of 122 points at 26524. The Sensex opened at 26411 touched an intra-day high of 26583 and low of 26378.  The Nifty closed with a gain of 33 points at 8128. The Nifty opened at 8096 hitting a high of 8146 and low of 8087. Trading volumes were thin due to continued concerns about the Brexit fallout. Besides, short-covering ahead of June derivatives expiry on Thursday boosted the domestic sentiment.
Volatility in market is expected to continue till F&O expiry on Thursday. Overall, long term market outlook is largely positive. Today’s upside indicated that investors fully digested the Brexit event but the volatility may continue for some more time. June F&O contracts will expire on Thursday that can also add to volatility.
 Bulls may manage to break 8150-8170 range then 8200 will work as strong resistance level. If Nifty falls below 8050 then once again bears will take nifty to 8000.
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RESISTANCE: 7640, 7670, 7700
SUPPORT:  7610, 7580, 7550

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