7 June 2018

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 8 JUN 2018


Bulls run continued on Thursday’s trade & took the nifty above the resistance level 10800 & finally closed at 10765. Nifty future has started the day at 10725 and made a high of 10814 total 89 points nifty future has moved in intraday while the Sensex gained a little over 400 points. Bank Nifty too rose 150 points to 26517 level. A day after the Reserve Bank hiked rates, the markets continued to rally on the relief that an important event was now in the rear view mirror. In the policy, RBI allowed banks to spread Mark to Market losses in investments in available for sale & held for trading portfolio for June quarter equally over four quarters. This will give relief to the banks which suffered heavy MTM losses due to recent spike in bond yields. Also, RBI mentioned that credit off take is satisfactory. The rate hike will help improving banks NIMs for future credit off take. This has led to positive sentiment in market. The rate hike is a negative but markets are recovering due to short-covering, since people sold off their positions at higher levels prior to the RBI meet and are now covering their positions at lower prices.

Though we expect a positive start & the follow-through rally to continue. The index reclaimed 10800 levels and the next target is placed around 10,900 levels. , while support level will levels will be at 10700 and 10650 levels.
More about intraday tips on Google +
Resistance: 10850, 10875, 10900
Support: 10700, 10675, 10650

No comments:

Post a Comment