2 June 2016


Yesterday’s out prediction of Coal India emerged as the top gainer up over 3% amid encouraging production and sales in May while talk of the government planning to initiate buyback of shares also aided sentiment.

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A rangebound movement was witnessed as key benchmark indices languished in negative zone in mid-morning trade Recovery during the latter part of the trading session helped the market clock modest gains. The Indian stock market closed with smart gains on Thursday after trading sideways in the past two trading sessions. Benchmarks shrugged off early morning losses and rebounded into the positive zone during afternoon trades. Finally, the Sensex ended with a gain of 129 points at 26843. The Sensex opened at 26694 touched an intra-day high of 26885 and low of 26641. The Nifty closed with a gain of 39 points at 8219. The Nifty opened at 8157 hit a high of 8230 and low of 8155. Markets continue to remain in an uptrend with bouts of consolidation. Encouraging GDP and core sector data indicating that the economy is on the growth track have been the key triggers. Further, the recently concluded fourth quarter earnings which were better than expected and above normal monsoon forecast by the IMD also aided sentiment. Investors will be keenly awaiting the outcomes of the European Central Bank (ECB) and Organization of the Petroleum Exporting Countries (OPEC) meet scheduled later today.
Tomorrow if the bulls manage to hold the CNX Nifty above 8200 zone then they would try to push it up to today’s high level at 8255; however, the intraday volatility that we saw on today indicated the nascent upswing has already run into rough weather. Thus, taking out the zone between 8275 and 8295 would be very crucial if it were to turn into a sustainable uptrend. In case, the index falls below 8150 on heavy selling it might retest the strong support zone from 8100 and 8050.
SUPPORTS: 8150, 8100
RESISTANCES: 8250, 8300

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