12 July 2016


"SELL LT FUTURE BELOW 1562 TGT 1554/1548 SL 1568.90"
"BUY TATASTEEL 350 CALL @ 5.80 TGT 7.40/9.20 SL 3.50"
Lack of movement was there in the market today. Very range bound market was there in sensex & nifty. Sensex rose over 150 points while broader Nifty closed above its crucial psychological level of 8500 for first time in 11 months as encouraging U.S. data and expectations of further monetary stimulus from global policymakers held out hopes for a strong global economic outlook. The Indian stock market rallied for the second consecutive session ahead of IIP and inflation data to be released later in the day amid a firming trend overseas. The NSE Nifty closes above 8500 mark for first time since August 2015. Meanwhile, the strong likelihood of a GST Bill being passed in the monsoon session of Parliament, which starts on July 18, and hopes for a good start to the quarterly earnings season also boosted investor sentiment. The BSE Sensex ended with a gain of 181 points at 27808. The BSE Sensex opened at 27668 touched an intra-day high of 27828 and low of 27668. The NSE Nifty closed with a gain of 53 points at 8521. The NSE Nifty opened at 8503 hitting a high of 8527 and low of 8479.
Nifty has managed to close above the 8500 level but the movement was only on 48 points. So for any uptrend 8550 will be the resistance. For making new high nifty have to pass out 8550 resistance level after that 8580 & 8600 will be the target for nifty, whereas 8470 will be the best supporting level. For any correction nifty have to crack 8450 level, once 8470 will break 8400 would be the target for nifty.
Supports: 8550, 8580, 8600
Resistances: 8470, 8450, 8430

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