14 July 2016


"BUY 1 LOT YESBANK 1180 CALL @ 21 TGT 29/38 SL 14"
"NIFTY FUTURE BELOW 8580 TGT 8550/8520 SL 8600"
Consolidation was there in the market on Thursday. The sensex & nifty rallied even as investors remained watchful ahead of quarterly corporate results and an expected government announcement on who would take over as the country's next central bank chief. Markets have been on edge ahead of the appointment of the next Reserve Bank of India governor, with local media reporting it could come as early as this week ahead of the start of a new Parliament session on Monday. Market moved in a thin band today as the Sensex stuttered into the red after a positive opening, but late recovery was also there in both the indices. The Sensex on Thursday ended 127 points higher, while the Nifty jumped above its key resistance level of 8550-mark. The Sensex ended with a gain of 127 points at 27942. The Sensex opened at 27858 touched an intra-day high of 27968 and low of 27763. The Nifty closed with a gain of gain 46 points at 8565. The Nifty opened at 8516 hitting a high of 8571 and low of 8501. Caution was the preponderant mood ahead of the key Bank of England monetary policy meeting and domestic WPI inflation later in the day.
Market is taking a breather now and we see some amount of consolidation in the upcoming session also.  On the upside, the contract needs to decisively break through the key resistance at 8580 for an up-move to 8600 levels. Resistances above this level are at 8650 and 8680 levels. On the downside level 8500 will work as very strong supporting levels if nifty breaks 8480 level then once again the 8420 levels going to be the target for the bears.
SUPPORTS: 8480 AND 8450

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