5 August 2016


Trading for the week ended on a buoyant note as key benchmark indices settled with strong gains as firmness in global stocks boosted sentiment on the domestic bourses. Market also got some boost with the government is planning to set a target of April 1, 2017 for rollout of the GST Bill and unveiling a detailed road map for its implementation. Benchmark indices Sensex and Nifty ended in green on Friday. The Sensex and Nifty rose more than 1 per cent on Friday to notch up their biggest daily gain in almost four weeks after the Bank of England's stimulus plan lifted markets worldwide, while the passage of the Goods and Services Tax boosted the sentiment. The sensex settled 363 points up at 28078, while Nifty closed 132 points up at 8683.
Markets at this point are only reacting to the fact that the Bill has been passed, ignoring the implications for now. For making new high nifty have to pass out 8800 resistance level after that 8850 & 8900 will be the target for nifty, whereas 8600 will be the best supporting level. For any correction nifty have to crack 8550 level, once 8550 will break 8500 would be the target for nifty.
Supports: 8800, 8850, 8900
Resistances: 8600, 8550, 8500

1 comment:

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