23 Advances/28 Declines/0 Unchanged
Nifty ends below 8150, Sensex sheds 239 pts; banks, metals lose
It was a tough and very weak session for the Indian markets where mostly all sectors remained under pressure as The Nifty ended below 8150, down 59.45 points or 0.7 percent. The Sensex is down 238.98 points or 0.9 percent at 26396.77.
Bank Nifty too succumbed to profit booking and fell 234 points closing at 17593.
Dr Reddy's Labs, Lupin, Maruti, Sun Pharma and Adani Ports were top gainers while Tata Steel, ICICI Bank, Tata Motors, Bharti Airtel and BHEL were laggards in the Sensex.
Brexit, Chinese slowdown and US elections can impact global markets, including India but the price has still not factored in any of the prospective global news. Indian market is still considered bullish and we can soon see a rally in the market.
Key highlights of 13th June 2016
• Three global risks Indian market is vulnerable to: Fund manager
• SBI-led consortium set to approve JSPL debt recast: Sources
• Not one but two L&T tech IPOs coming soon
• Gold likely to edge up to $1400 an ounce by month end: Mark To
• Rising food, fuel prices seen pushing up inflation in May
• Dr Reddy's up; analysts say Teva deal to reflect in 2018 revenue
• Citi rates buy on Eicher Motors but will commercial vehicle biz drag?
• PatAnjali to launch more dairy items, enter cattle feed segment
Our Subscribers are holding positions in all our recommendations and we would be booking profit as soon as the market turns green again.
Now what next for today??
Nifty futures has an immediate support at 8080 levels , a break below this level will take it to next support of 8020--7980 levels.
Nifty should look to gain momentum from these supports or further weakness can be expected upto 7920 levels else Nifty futures may gain momentum again. It has to cross its nearest resistance at 8180 levels. For the bulls to confirm the next rally, the nifty futures must close above the resistance of 8180 levels.
Today's Top Pick
Asian paints... Slightly Positive in yesterday's trading session.
In cash.. above 1000 we will see momentum gain till 1025---1040 mark. Support and stop loss intact 980.
More will update soon!! Keep following our blog and App!!
