3 July 2017


Market ended the session on an extremely strong note, with the Nifty closing above the crucial 9600-mark.The Sensex closed 300 points higher at 31221, while the Nifty closed 94 points higher at 9615. The Sensex, after a lot of dithering, made a spectacular rally of 300 points to close at over one- week high of 31222 and the Nifty broke through the key 9600 as investors swore by GST that kicked in from 1 July. There seemed no end to buying as the sweeping tax reform is expected give a huge momentum to the country’s economy and draw global businesses to invest more here. After a strong opening, the sensex hit a high of 31258, before closing 300 points, higher at 31221, a level last seen on 22 June. The gauge had gained 87 points in the previous two sessions. The Nifty after scaling the day’s high of 9624, ended up 94 points at 9615. Cigarette maker ITC was the top gainer among Sensex stocks, rising 5.70% to end at a 52-week high.
We are expecting Nifty future to touch 9635 in the extreme short term and hit 9670 in the medium term. A correction is likely thereafter. Nifty break above 9700 then it will increase the strong bullish pattern breakout, which will take the indices up towards 9715/9730. A strong break (close) below 9565 will increase the downside pressure and drag it to 9550, 9535.
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Resistance: 9635, 9670, 9700
Support: 9585, 9565, 9500

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