8 June 2017


Bears came in action & took the NSE nifty below 9650 level on Thursday after investors digested RBI policy. The NSE Nifty closed at 9647 levels, lower by 16 points whereas the Sensex closed at 31213 levels, lower by 57 points.  Investors cautiously awaited UK exit polls, ECB rate decision and former FBI Director James Comey's testimony due later today.
The Nifty50 has respected the support level of 9625 and now it needs to hold above the level of 9675 if it were to extend its upward rally towards the levels of 9720 and 9745. On the downside, the level of 9600-9625, may continue to act as a strong support level and if this support is breached, it is likely to slide down to the level of 9580. Markets will take cues from the global developments in the coming session. Volatility will remain high, as indices are trading at record high and hence, traders should remain cautious and selective in stock picking.
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Resistance: 9685, 9710, 9735
Support: 9625, 9600, 9575

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