29 June 2016


The market ended with handsome gains ahead of expiry of June F&O series on Thursday. Indices extended its winning streak to third consecutive trading session amid positive global cues and firm rupee. Sentiment got boost after the Union Cabinet approved a higher increase in the basic pay of government employees. Some support also came from Reserve Bank of India’s, Financial Stability Report (FSR) stating that despite global uncertainties, banking sector issues, the economy stands out in terms of growth as compared to other emerging markets and the Indian financial system remains stable.  The Sensex ended with a gain of 215 points at 26740. The Sensex opened at 26627 touched an intra-day high of 26776 and low of 26606. The Nifty closed with a gain of 76 points at 8204. The Nifty opened at 8173 hitting a high of 8212 and low of 8157.
Tomorrow June F&O contracts will expire that can also add to volatility. Bulls may manage to break 8250-8270 range then 8300 will work as strong resistance level. If Nifty falls below 8150 then once again bears will take nifty to 8100.
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RESISTANCE: 8250, 8270, 8300
SUPPORT:  8150, 8100, 8050

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