Slippery start of July series…!!!! The Indian equity market
ended with minor losses on Friday amid a highly volatile trading session.
Indices today traded on a slippery note on the first day of the July series on
account of profit-taking following the recent rally and uncertainty surrounding
the Greece crisis. This week, Sensex moved up by over 450 points as concerns on
monsoon receded temporarily. For the next week, domestic equity market will
remain volatile due to continued talk between lenders and Greek government.
Today buoyed by strong monsoon till date, bulls remained heavy on domestic
equity market Sensex and Nifty surged around 2 per cent for the week ended June
26. The markets ended on a weak note in trades on Friday on the back of selling
in most of the sectors barring IT. The intra-day recovery fizzled out towards
the end of the trading session owing to the weekend factor. The Sensex finally
ended with a loss of 84 points at 27,812.The Nifty slipped to a low of 8,340,
before rebounding into the positive zone for a brief while
in noon deals. The Nifty eventually settled with a loss of 17 points
at 8381.
Market will be eying on how the talks on Greece concerns
evolve in the coming days. As far as India is concerned, while the global risk
diminishes, market momentum will depend on positive FII inflows, government
spending and lower interest rate. After a stellar performance by the Nifty
yesterday, we can still see the index moving up again on Monday’s session
provided it does not fall below 8382 – 8388 support area. In any case, getting
past the hurdle of 8420, it would gain further momentum to scale up to even
higher levels. On the downside, below 8382 support is likely to be found
between 8340 and 8318. And so long as the Nifty does not go slip below 8259.
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RESISTANCE: 8430, 8480, 8530
SUPPORT:
8380, 8330, 8280
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