Nifty 8323/Sensex 27126/Bank Nifty 18016
23 Advances/ 27 Declines/ 1 Unchanged
“Sensex, Nifty close down as profit booking take place under high volatility”
GST: As Congress blinks, BJP moves a step closer
It was a tough session for Indian markets as profit booking was underway but covered in the last hour of trading giving rise to high volatility. Nifty formed a hammer like pattern suggesting the return of strength in it. Nifty fell just 14 points closing at 8323 while Sensex closed at 27126 falling 74 points while recovering more than 100 points in the last hour of trading.
With a number of quarterly results awaited and the chances of GST bill to be passed increasing, markets can remain volatile in the coming weeks. It would look to continue its trend owing to the strength in the global markets as well.
Our clients are holding on our recommendations. It was a tough session on Friday but if you just trade on levels and strict stop losses, you will save a lot of your precious money.
Key Highlights of 8th July
BSE taking steps to curb illegal money flow into penny stocks.
Commodity prices, construction key for rural economy: Icra
IMF cuts euro zone growth outlook on Brexit
Telecom Ministry clears Airtel-Aircel 4G spectrum trading deal
Top four cos take Rs 19,173-cr hit in market valuation
Policybazaar eyes tenfold revenue jump to Rs 10k cr by FY20
Sahara seeks SC nod for $1.6 bn hotel sale.
Arun Jaitley questions high interest rates on savings
India's economic agenda remains incomplete: Jairam Ramesh
China vows to act with G20 partners to boost world trade
At F1 paddock, Mallya says won't return until fair trial assured
Swachh Bharat cess funding PM Modi advertisements: Digvijay
Mumbai-Nagpur Super Expressway to finally become a reality
Now what next??
Nifty futures after heavy profit booking has looked to find a hammer support at 8280 level. Further weakness will only come if this level is broken on closing basis. If this level of broken then Nifty can touch its next support of 8220--8180 mark. Nifty futures should look to hold these supports and start an upward rally again.
Immediate hurdle is at 8420 level. A move above this level will take nifty futures to test its next resistance of 8480---8550+ mark in days to come. Above 8000... our target intact 9100---9200+ mark in coming weeks.
Today's top pick
(Cash)
Buy Asian Paints... Above 1015 in cash. We will see upside rally till 1040---1055+ mark in days to come.
Support and stop loss below 988.
Trade with levels only. More levels will update soon
