Nifty 8094/Sensex 26402/Bank Nifty 17515
27 Advances / 24 Declines/0 Unchanged
Sensex flat after Brexit turmoil, Nifty fails to hold 8100; Midcap shines, IT loses
“Relief or the silence before the storm: Let’s find out”
It was a consolidation day for the market yesterday as investors digested the Friday's sharp fall led by Britain's vote to leave the European Union and feels India will have minimal impact of Brexit among Asian countries.
The 30-share BSE Sensex rose 5.25 points to 26402.96 and the 50-share NSE Nifty was up 6.10 points at 8094.70 while the broader markets outperformed benchmarks. Nifty again showed strength and closed above the level of 8080 which is working as a strong support. If weakness has to gain momentum then 8080 level has to be broken.
Banking sector showed good strength with PSU banks like SBI, PNB, Allahabad bank gave a good rally. Bank nifty gained 88.90 points and closed at 17514.
Key highlights
Brexit effect: Emerging markets now look more attractive to FIIs
PM Modi disapproves of Subramanian Swamy's remarks
Essar Steel stake sale hits a snag, key bidders back out: Srcs
Rajan won't formulate his last monetary policy
Mutual funds pump in Rs 7,200-cr in stock mkts in Apr-Jun
Patanjali in crosshairs of ad regulator; gets one notice a day
AirAsia unveils promo fares for one-way domestic trips
Now what next for today??
Nifty futures has an important support at 8000, despite the massive fall down on Friday due to Brexit, Nifty futures recovered and managed to close above the support of 8000, which is a great positive as a long term support still stands.
After today’s session Nifty futures managed to get a support.
Intraday Nifty has support at 8030 and resistance at 8130. We will expect negative bias trading in today's session. Break and close below 8030 will see more downside panic till 7980---7930 mark. 7900 act as major support. At this stage... Be cautious at upper levels. We will expect high volatility in the market due to upcoming expiry. So traders can trade safely with levels only and wait for confirmation.
Today's Top Pick
Hope you all are enjoying positive momentum Banking and Cement sector stocks. All are performing well.
Is there anyone who supports you like this?
ACC spot... Looks positive on charts. Above 1615 will see further upside rally till 1640---1655+ mark in days to come. Support at 1560. Trade less quantity.
More will update soon during market hours. So keep following our Blog and Android App!!
