Sensex opened the week
at 26463, made a high of 26747, low of 26448 and closed the week at 26843. Thus
it closed the week with a loss of 50 points. At the same time the Nifty opened
the week at 8211, made a high of 8275, low of
8156 and closed the week at 8233. Thus the Nifty closed the week with a
gain of 61 points. The support for the Nifty is 8150-8100 and the resistance to
the up move is at 8280-8350 levels. The market hit fresh7-month high intraday Friday with the Sensex reclaiming 27000 and Nifty 8250levels.
key events
Investors are eagerly
waiting for RBI policy meeting on June 7, For now, the RBI is widely
expected to keep the repo rate at a five-year low of 6.50 percent when it holds
its policy review on Tuesday, after cutting it by 150 basis points since early
last year. Fed meeting on June 14-15 and the referendumin Britain.
Continue Holding Long Positions till NIFTY HOLD 8150
Continue Holding Long Positions till NIFTY HOLD 8150
Indian Stock Market would open gap up positive around strong resistancezone of 8250 level. If nifty would closed above 8250 spot level then nifty would see another 100-200 points on upside in a days to come. At thispoint we would recommend lightening your long positions. And if nifty closesabove 8250 then it would be better to long via nifty calls rather to take bigposition in nifty future.
An uptrend is being observed, and the white candlestick confirms thecontinuation of the uptrend. The appearance of the short candlestick that makesa gap indicates that bulls are still pushing up the price. However, the tightprice action on the second day between the open and the close shows indecision.
The third day is a black body that moves into the first day’s white body. Asignificant trend reversal has occurred.
good
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