28 June 2017

EXPIRY WILL BREAK THE RANGEBOUND NIFTY 29 JUN'17

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Lack of movement was there in the market today due to tomorrow’s derivatives expiry of June series. In a turbulent day for the market, Sensex hit the day-low of 30847, almost 300 points below closing mark of the previous session. It slipped below 31000 for the first time since May 25. Nifty also lost more than 100 points in intra-day trade to touch the low point of 9473, hitting a one-month low. This was after the stock markets opened in the green buoyed by the Trump- Modi meet. Cautious stance by the investors ahead of derivatives expiry on June 29 could have kept the market in check. The Sensex closed down 124 points at 30834, while the Nifty ended lower by 20 points at 9491.
Now morning bell will decide where nifty will go. We wish to see a good volatile expiry day. Going forward, the immediate support for the Nifty is placed at 9430 and 9400 levels. On the flipside, resistance is seen at 9600 and 9650 levels, but the major hurdle is in the 9545-9585 region and till such time that this region is taken out, any rally may be considered as a pull back or of corrective in nature. Market is expected to stay choppy ahead of the July 1 roll out of Goods and Services Tax (GST).  Indices are not expected to be volatile for a couple of days, with important factors like RBI rates, prices of commodity after GST and monsoon yet to kick in with their impact. 
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Resistance: 9535, 9575, 9615
Support: 9475, 9435, 9400

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