Nifty 8238/Sensex 26866 /Bank Nifty 17718
36 Advances/14 Declines/1
“Successor to Rajan may be announced by August: Sources”..,”Big-ticket FDI changes: Aviation, defence, pharma to benefit”
“S&P BSE Auto,S&P BSE IT,S&P BSE Teck,
S&P BSE Metals,S&P BSE Capital Goods amng Gaining Sectors….and S&P BSE FMCG among dragging sector”
Nifty 50 showed a weak open at the morning session among news of BREXIT and Resignation of Rajan “REXIT” which caused Nifty 50 to give a gap down opening at 8116 and looked extremely weak as it made low of 8107 but soon recovered tremendously to give a strong pull back among news of FDI in aviation and defence sectors which was like relief rain as NIFTY gave a sharp bounce back to make high of 8244 before closing at 8239 with gain of 68 points or increase of 0.84% to the index.
Key highlights of 16th June 2016
• Successor to Rajan may be announced by August: Sources.
• Big-ticket FDI changes: Aviation, defence, pharma to benefit.
• Big-ticket FDI changes: Aviation, defence, pharma to benefit.
• FDI in pharma via automatic route a welcome step: Biocon
• EMs to suffer less if UK decides to leave EU: Credit Suisse AMC
• Clean-up of banks to continue no matter who heads RBI: IDBI Bank.
• JLR to accelerate launch of petrol variants.
• Nestle plans up to 25 products with eye on Patanjali
• Govt allows 100% FDI in trading of food products.
• Brexit, poor monsoon may force prices up: Rakesh Jhunjhunwala
• Q1 slippages to be lower than previous quarter: Union Bank
• Focus on growing equipment finance biz at over 25-30%:SREI Infra
Our performance....
Our call to buy HDIL (Fut ) Above 100 proven great as HDIL made high of 106.05 before settling at 104 on closing.
Not this only... Hope you all minted money in Banking stocks like SBI, PNB, Albk, Oriental Bank and many more. Clearly indicated that Bank and Banking sector looks strong on charts.
Still need trial... need not to worry at all? Watch more!!
Now what next??
Nifty futures settled at premium of 17 to Spot nifty and this show that Nifty 50 futures is positional strong on closing basis with respect to spot nifty. Nifty futures settled at 8256.
It is showing near term crucial resistance at 8280---8320 and support at 8180. Still looks positive and could test its resistance level of 8280---8320. Three consecutive closes + weekly close above 8230 will see more upside rally in it. Above 8000... target intact 9100---9200.
It has a near term support intact at 8180. Below 8180 will see panic till 8150---8120 and then to 8080 mark. More and more downside panic will see below 8080 mark.
So traders can trade safely with levels only. More levels will update during market hours.
Today's Top Pick
Reliance Industries... Looks positive on charts. Above 980.... rally remain continue till 1025---1040+ mark in days to come.
In panic will buy with stop loss of 950 on closing basis.
