7 June 2016


Market closed Tuesday’s trading session in positive terrain after Reserve Bank of India (RBI) kept key policy rates unchanged but maintained an ‘accommodative’ stance going forward amid firm global cues. Sensex rallied 232 points to close above 27,000, while Nifty settled at 8,266. The RBI’s decision to keep key interest rate unchanged was largely in line with investor expectations and did not have much immediate positive impact. However, markets end off day’s high as participants book some of their profits in last few hours of trade. The markets rallied Tuesday to close around a 1 per cent higher for the session, banks outperformed on the back of a positive RBI policy. SBI and ICICI bank were top performers for the day with both of them closing over 4 % higher for the day. The Sensex opened at 26834 touched an intra-day high of 27083 and low of 26829.The NSE Nifty opened at 8236 hitting a high of 8295 and low of 8216.
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 8350. On the downside, we expect the immediate support at 8200.
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RESISTANCE: 8350, 8380, 8410
SUPPORT:  8200, 8170, 8140

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