11 July 2016


“FUTURE BUY HDFC ABOVE 1310 TGT 1322-1332 SL 1300”
The week has started on bullish note. After last week's consolidation, bulls are back on driver seat on Monday. The Sensex & Nifty advanced nearly 2 %to their highest level in almost 11 months on Monday on account of firm global cues after strong US monthly jobs data reassured investors about the health of the world’s largest economy. The Sensex on Monday settled the day 500 points higher, while the broader Nifty jumped above its key resistance level of 8450-mark. The Sensex ended with a gain of 500 points at 26627. The Sensex opened at 26358 touched an intra-day high of 26647 and low of 26358. The Nifty closed with a gain of 145 points at 8468. The Nifty opened at 8413 hitting a high of 8475 and low of 8407. Positive US job data and expectations of a good start to the first quarter earnings season helped the market to rally. The rising stability in US economy is unlikely to support the Fed to make any changes in the interest rate in the near term due to the prevailing ambiguity caused by Brexit. This will provide a space to emergin markets like India to attract foreign funds.
Trend of the market is bullish. Today nifty has tested its resistance level of 8450, Gave a fresh high of 8475, but unable to sustain on highs, it tumbled down & closed at 8468. In upcoming sessions nifty can give the up move only if it manages to hold its major support level of 8475. If Nifty crosses its resistance level of 8475, then next target for nifty will be 8500 & 8550. On short side if it reaches to support level of 8400 corrective move till the levels of 8375 & 8350 can be expected.
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RESISTANCE: 8500, 8550, 8600
SUPPORT:  8400, 8350, 8300

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