WEEKLY RESISTANCE FOR NIFTY:10900,10950,11000
DAILY RESISTANCE FOR NIFTY: 10845,10885,10925
PIVOT POINT: 10750
DAILY RESISTANCE FOR NIFTY: 10845,10885,10925
PIVOT POINT:10725
DAILY SUPPORT FOR NIFTY : 10700,10675,10650
Reversing a steady start to the week, the market went down on Friday but
finally closed marginally higher. The Sensex closed higher by 22 points to
35622, while the Nifty future rose 4.75 points to close at 10818. For the week,
Sensex gained 0.50% and Nifty rose 0.46%. Both the indices posted their fifth
consecutive weekly gain. after shuttling between 10750 and 10850 during the
week. Nifty future has started the week at 10768 made a high of 10873 and low
of 10735 & finally closed at 10818. The markets traded rangebound on Friday
except for a brief spell in mid-day trade as both Sensex and Nifty finished flat. higher CPI
inflation for May at 4.8 per cent and FOMC meeting on 11 june 2018 ,historic
meet between the US President Donald Trump and North Korean leader Kim Jong
Un regarding denuclearization of the Korean peninsula on 12 june 2018, US
Federal Reserve's decision to raise key interest rates by 0.25 per cent on 13
june 2018 , & reuslts of major IT stock
Infosys and TCS on 14th & 15 th june
was the key highlights of the week.
NIFTY FOR THE NEXT WEEK
In the next week
the market can expect a lot of activity in the PSU banking space after the
President signed an ordinance to finetune the insolvency law. The Finance
Minister and heads of PSU banks have discussed constructive action plans. Any
positive outcome on the recovery front should lead to a rerating of PSU banks.
Few banks like Indian Bank and Vijaya Bank, hopefully, should perform better,
as their books are cleaner than their PSU peers. Additionally, markets are
likely to take cues from global macros, as news flow on the domestic floe is
almost over for now. On the industry front, we believe pharma stocks have
made a confirmed double bottom pattern on the charts and have started an upward
journey. Investors with a long-term investment horizon can pick pharma stocks
in their portfolios.
NIFTY: A STRONG SUPPORT WILL BE @ 10675; STRONG RESISTANCE LEVEL SEEN @10925
NIFTY: A STRONG SUPPORT WILL BE @ 10675; STRONG RESISTANCE LEVEL SEEN @10925