Nifty 8204/Sensex 26740/Bank Nifty 17561
41 Advances/ 9 Declines/1 Unchanged
Nifty ends above 8200, Sensex gains 216 pts; ITC down 1%
Govt hopes to pass GST bill in upcoming Parliament session
Indian markets declined the weakness due to BREXIT and remained strong as it gave a good rally in both Nifty and Bank nifty. Also the news like Cabinet's approval for 7th pay hike and Model Shop & Establishment Act also boosted sentiment in later part of trading session as that may lift consumption growth.
The 30-share BSE Sensex gained 215.84 points or 0.81 percent at 26740.39 and the 50-share NSE Nifty was up 76.15 points or 0.94 percent at 8204. The broader markets marginally outperformed benchmarks as the BSE Midcap index rose 0.98 percent and Smallcap rallied 1.31 percent.
Bank Nifty gained 128 points and closed at 17689.With this rally Indian markets are showing that there will not be any effect on it and after the decline it is slowly gaining back the momentum. 8300 will still remain a psychological and technical resistance for nifty. A move above this level will give rise to the next bullish rally.
Key highlights of 24th June 2016
Cabinet clears 7th Pay Commission recommendations
Cabinet clears new mining policy, paves way for auctions
Model Shop & Establishment Act gets an all-clear
Shops, malls, restaurants to stay open 24/7: It's early Diwali for few
Quess Corp IPO opens today
Bharti Group in talks to exit insurance business
DLF shares jump 10% on likely capital infusion by promoter
KEC up 5%; Religare expects cash flow, margin to improve in FY17
Our Recommendations
We booked part profit our Nifty future call around 8190, it was recommended to buy around 8140---8130.
India Cement future flared and we booked full profit in it around 111.50, it was recommended to buy around 107.It has a lot size of 6000.
Hope you all are enjoying Banking stocks
Now what to do???
Nifty futures now has an immediate support at 8150, and a hurdle at 8230. Above 8230 will see further upside rally till 8280---8320 mark. More and more power will see only weekly close above 8320 level. We clearly indicated that 8000---7900 will be the best buying opportunity in Nifty. It made a low of 7940 and bounced back sharply.
Above 8000.... Target intact 9100---9200+ mark in coming weeks.
Keep following our levels and keep minting money!!!
Today's Top Pick
Reliance Industries... Above 970 in cash segment. Catch it. We will see rally till 990---1000 mark. Support and stop loss 955
More will update soon!!
